January 26, 2015 / 3:38 PM / 2 years ago

CANADA STOCKS-TSX declines after Greek election results

2 Min Read

* TSX down 51.66 points, or 0.35 percent, at 14,725.67

* Six of the 10 main index sectors decline

* Gold miners slip after bullion eases on Greek vote

By John Tilak

TORONTO, Jan 26 (Reuters) - Canada's main stock index fell on Monday on anxiety spurred by the victory of the leftist Syriza party in the Greek election and by Syriza's demands for a restructuring of the country's international debt.

Greek leftist leader Alexis Tsipras was sworn in on Monday as the prime minister of a new anti-bailout government and promised that the austerity imposed by international creditors for the past five years is over.

The benchmark TSX's decline came after a week in which it recorded its biggest gain in six weeks.

"We're going to see more volatility," said John Stephenson, president of Stephenson & Co Capital Management. "Uncertainty is what markets hate, and clearly we have uncertainty right now and that's likely to persist."

He said he was more bullish about U.S. stocks than Canadian equities as the outlook looked negative for Canada.

"We have a market that's very dominated by two or three sectors, and those sectors will remain under pressure," he added.

The Toronto Stock Exchange's S&P/TSX composite index was down 51.66 points, or 0.35 percent, at 14,725.67. Six of the 10 main sectors on the index were in the red.

Financials, the index's most heavily weighted sector, gave back 0.6 percent. Bank of Nova Scotia lost 0.8 percent to $63.34, and Bank of Montreal was down 0.9 percent at C$77.67.

The gold-mining sector fell 2.2 percent, with the bullion slipping after the Greek vote. Goldcorp Inc shed 2.6 percent to C$28.94, and Barrick Gold Corp declined 0.8 percent to C$15.31.

$1=$1.24 Canadian Editing by Peter Galloway

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