TSX falls with resource stocks

Tue Sep 27, 2016 10:42am EDT
 
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TORONTO (Reuters) - Canada's main stock index fell on Tuesday as energy stocks lost ground with lower oil prices, while miners also weighed as gold prices fell and the Philippine government ordered the suspension of 20 more mines for environmental violations.

At 10:04 a.m. EDT (1404 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 55.06 points, or 0.38 percent, at 14,564.40.

Crude oil futures fell as optimism faded for an output-limiting deal from an oil producer meeting in Algeria to curb one of the worst supply gluts in history. [O/R]

The energy group retreated 1.3 percent, with Canadian Natural Resources Ltd (CNQ.TO: Quote) down 1.6 percent to C$38.47 and Suncor Energy Inc (SU.TO: Quote) off 1.2 percent to C$34.26. Both are among the most influential movers on the index.

The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.2 percent.

The TSX-listed shares of Australia-based OceanaGold Corp OGC.TO fell 10.4 percent to C$4.22 as it faced a suspension of operations in the Philippines.

Most of the mines targeted by the government were nickel producers, and the news sent global prices CMNI3 up more than 1 percent.

Gold prices, meanwhile, fell as the U.S. dollar and Wall Street stocks gained ground on the view that U.S. presidential candidate Hillary Clinton got the better of rival Donald Trump in their first debate. [GOL/][.N]

Barrick Gold Corp (ABX.TO: Quote) fell 1.8 percent to C$23.30. Smaller producer B2Gold Corp BTO.TO fell 9.7 percent to C$3.46.   Continued...

 
A man walks past an old Toronto Stock Exchange (TSX) sign in Toronto, June 23, 2014.  REUTERS/Mark Blinch