CANADA STOCKS-TSX slips as weakness in financials drags

Tue May 5, 2015 10:49am EDT
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* TSX down 67 points, or 0.44 percent, at 15,300.47

* Eight of 10 main index sectors decline

TORONTO May 5 (Reuters) - Canada's main stock index declined on Tuesday as weakness in the financial sector overcame a rally in oil prices that drove shares of energy companies higher.

Oil prices climbed to their highest levels in 2015, boosting shares of energy producers by about 1 percent.

Overall eight of the 10 main sectors on the benchmark index were in the red, following gains in recent sessions. The TSX is still up about 4.6 percent so far this year.

"It's a negative on the day. We'll probably continue to drift lower here," said Colin Cieszynski, chief market strategist at CMC Markets.

"We are in a situation where the markets have had a massive rally for the last couple of years, and they are now digesting it," he added. "They are struggling to get higher."

The Toronto Stock Exchange's S&P/TSX composite index was down 67 points, or 0.44 percent, at 15,300.47 in mid-morning trading.

Financials, the index's most heavily weighted sector, lost 0.3 percent. Bank of Montreal gave back 0.6 percent to C$78.60, and Bank of Nova Scotia declined 0.7 percent to C$66.69.

In the energy sector, Canadian Natural Resources Ltd jumped 1.4 percent to C$40.16 and Suncor Energy Inc was up 0.6 percent at C$39.32. (Reporting by John Tilak; Editing by Meredith Mazzilli)