CANADA STOCKS-TSX down for third day as energy and rails weigh

Wed May 13, 2015 4:59pm EDT
 
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(Adds analyst comment, updates prices to close)

* TSX ends down 62.43 points, or 0.42 percent, at 14,980.72

* Eight of the TSX's 10 main groups lower

* More advancing issuers than decliners, despite overall slip

By Alastair Sharp

TORONTO, May 13 (Reuters) - Canada's main stock index fell for a third straight session on Wednesday, with heavyweight energy and railway companies among the biggest losers as crude prices slipped and investors worried about economic growth.

The Toronto Stock Exchange's S&P/TSX composite index ended down 62.43 points, or 0.42 percent, at 14,980.72. Eight of the ten main sectors were lower.

"Valuations have been somewhat stretched and we wouldn't be surprised to see a correction somewhere along the way here," said Michael Sprung, president at Sprung Investment Management.

Canadian National Railway Co was the heaviest weight on the index, with the country's biggest railway off 3.2 percent at C$74.11. Canadian Pacific Railway Ltd was not far behind, falling 2.4 percent to C$214.26. The railways are in the index's industrials group, which retreated 1.2 percent.   Continued...