CANADA STOCKS-TSX down as as energy, gold mining stocks weigh
* TSX down 29.59 points, or 0.19 percent, at 15,596.14 * Materials and energy losses offset smaller gains elsewhere * Suncor, Canadian Natural slip with oil price (Adds strategist comment, details, updates prices) By Alastair Sharp TORONTO, Sept 2 (Reuters) - Canada's main stock index slipped on Tuesday as falling oil and gold prices hurt the shares of energy companies and gold miners. The retreat comes in the broader context of an ascendant index hitting fresh record highs often during three straight months of gains. "Investors, both institutional and retail in some cases, are buying on the dips, that's been the story," said Bob Gorman, chief portfolio strategist at TD Waterhouse. Crude oil and gold prices are under pressure due to a strong U.S. dollar, in which both key resources are typically priced, and fears about slower global demand. The Toronto Stock Exchange's S&P/TSX composite index pulled back by 29.59 points, or 0.19 percent, to 15,596.14. It was closed on Monday for a public holiday. Among the heaviest weights on the resource-rich index was Suncor Energy Inc, down 1.7 percent at C$43.58, and Canadian Natural Resources Ltd, off 1.7 percent at C$46.54. Goldcorp Inc lost 3.7 percent to C$29.39 and Barrick Gold Corp shed 2.2 percent to C$57.00, while smaller miners also pulled back. Gorman said caution was required as there is a risk that sentiment turns, but that he sees no need for his firm to exit its overweight position in equities that has held since 2009. "You really want to build in a margin of safety at this stage of the game, you don't have the cushion of low valuations at this point," he said, pointing to metrics such as low price-to-earnings or price-to-cash flow ratios or sustainable dividend growth as offering protection. Plane and train maker Bombardier Inc gave up 1.1 percent to C$3.62, adding to a plunge on Friday after a Swedish carrier backed out as the first customer to start commercial flights with its new CSeries jet. (Editing by W Simon)
© Thomson Reuters 2016 All rights reserved.