CANADA STOCKS-TSX drops on commodities prices, but off early lows

Wed Jul 22, 2015 11:51am EDT
 
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(Updates market action and adds analyst's comments)

* TSX down 52.97 points, or 0.37 percent, at 14,323.27

* Six of the TSX's 10 main groups were down

By Solarina Ho

TORONTO, July 22 (Reuters) - Canada's main stock index fell on Wednesday, but was well off session lows, as weakness in heavily weighted bank, oil, and mining shares continued to pressure the market.

Oil prices dropped as U.S. inventories rose, with U.S crude prices down 1.2 percent at $50.25 a barrel, while Brent crude lost 0.7 percent to $56.64.

Those drops pulled the Toronto index's energy sector down 0.7 percent after a bigger loss earlier in the day.

Pipeline company Enbridge Inc topped the index's losers, giving up 1.82 percent to C$56.61. Oil producer Canadian Natural Resources was not far behind, declining 1.0 percent to C$31.43.

At 11:12 a.m. EDT (1512 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 52.97 points, or 0.37 percent, at 14,323.27. That was well off the 1 percent drop hit shortly after the open.   Continued...