CANADA STOCKS-TSX declines as oil prices pull energy shares lower

Wed Feb 18, 2015 11:12am EST
 
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* TSX down 62.64 points, or 0.41 percent, at 15,221.97

* Five of 10 main index sectors decline

* Canadian Natural, Suncor fall with oil price

By John Tilak

TORONTO, Feb 18 (Reuters) - Canada's main stock index slipped on Wednesday as a recent rally in the price of oil began showing signs of losing momentum, weighing on energy producers' shares.

Investors also followed news that Greece will submit a request to the euro zone to extend a "loan agreement" for up to six months. However, Germany said no such deal was in the works and Athens must stick to the terms of its existing international bailout.

Oil prices remained choppy, with investors increasingly concerned whether the recent gains were sustainable. They have gained about 35 percent since hitting multiyear lows in January, when worries about excess oil supply weighed on prices.

"We've used this downward volatility (in oil) opportunistically to try and pick away at favored positions within the sector," said Ian Riach, a portfolio manager and director of balanced portfolio management at Franklin Templeton Investments.

"We're trying to go in and find those names that we feel have been more heavily punished with the decline in the oil price than is justified," he added.   Continued...