CANADA STOCKS-TSX drops on weak oil; golds rebound

Fri Jul 24, 2015 4:56pm EDT
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(Updates share prices, details)

* TSX down 79.13 points, or 0.55 percent, at 14,186.24

* Six of TSX's 10 main groups fall

By Solarina Ho

TORONTO, July 24 (Reuters) - Canada's main stock index fell on Friday as weak oil prices dragged down shares of energy producers, offsetting a rebound by gold-mining shares.

The benchmark index declined for a sixth straight session and is down about 3 percent so far this year.

Disappointing earnings contributed to Friday's decline, with the only major bright spot being the jump by gold miners after days of steep losses. In the sector, Goldcorp Inc rallied 4.1 percent to C$17.35 and Barrick Gold Corp added 2.8 percent to C$9.47.

"When a sector is oversold and beaten up as it is right now, long-term investors can see some good entry points," said Youssef Zohny, portfolio manager at StennerZohny Investment Partners+ of Richardson GMP Ltd, which manages about C$28.3 billion in assets.

"Resource shares look attractively priced and are a buying opportunity if you take the long-term outlook," he added.   Continued...