CANADA STOCKS-TSX opens lower, dragged by energy shares

Thu Aug 6, 2015 10:22am EDT
 
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* TSX down 82.64 points, or 0.57 percent, at 14,420.35

* Nine of 10 main sectors fall

By Alastair Sharp

TORONTO, Aug 6 (Reuters) - Canada's main stock index fell on Thursday, with shares in energy companies drooping on lower oil prices while earnings surprises moved specific financial, telecom, mining and other stocks.

The energy sector, which accounts for 19 percent of the weight of the Toronto Stock Exchange's S&P/TSX composite index , fell 1.5 percent as oil slipped to multi-month lows amid a persistent global supply glut and little sign of a reduction in production.

Suncor Energy Inc lost 1.7 percent to C$36.67. Canadian Natural Resources retreated 1.2 percent to C$31.94, despite a fall in production expenses that helped the country's largest independent petroleum producer report better-than-expected adjusted earnings.

"CNQ is going to go up and down with the price of oil. Until the price of oil recovers I don't care how good their cost control is," said Barry Schwartz, vice president and portfolio manager at Baskin Financial Services.

The overall index was down 82.64 points, or 0.57 percent, at 14,420.35 by 10:03 a.m. EDT (1403 GMT). Nine of the 10 main sectors fell.

Shares in SNC-Lavalin Group Inc fell 9 percent to C$39.81 after the engineering and construction company said costly problems with two projects hurt its earnings.   Continued...