CANADA STOCKS-Energy slump weighs on TSX; Canadian Tire misses

Thu Aug 13, 2015 5:07pm EDT
 
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(Adds portfolio manager comment, updates prices to close)

* TSX ends down 101.13 points, or 0.71 percent, at 14,238.40

* Half of the TSX's 10 main groups fall

* Five declining stocks for every two gainers on index

By Alastair Sharp

TORONTO, Aug 13 (Reuters) - A slump in energy shares helped push Canada's main stock index to its third straight loss on Thursday as U.S. oil prices slid to fresh lows, though a Chinese central bank assurance on the yuan reduced some investor fears.

Energy stocks stumbled 3 percent as crude prices took another beating. U.S. crude prices were down 2.4 percent to $42.25 a barrel, while Brent crude lost 0.8 percent to $49.27.

In the group, Canadian Natural Resources declined 3.1 percent to C$30.96, while Suncor Energy Inc fell 1.7 percent to C$36.85.

"I don't believe oil can be at this level for a prolonged period of time," said Manash Goswami, a portfolio manager at First Asset Investment Management. "The big issue is that supply is still outstripping demand."   Continued...