3 Min Read
(Adds portfolio manager quote, updates prices)
* TSX down 126.4 points, or 0.94 percent, to 13,356.22
* Nine of TSX's 10 main groups lower
By Fergal Smith
TORONTO, Nov 10 (Reuters) - Canada's main stock index retreated after weak Chinese inflation data added to concern about the outlook for global growth, putting pressure on energy and materials stocks.
And Valeant Pharmaceuticals Inc fell more than 5 percent after chief executive Mike Pearson said that cutting ties with a controversial specialty pharmacy would hurt Valeant's dermatology business in the short term.
At 11:13 am ET (1613 GMT), the Toronto Stock Exchange's S&P/TSX composite index fell 126.4 points, or 0.94 percent, to 13,356.22.
Of the index's 10 main groups, nine were in negative territory.
The energy group retreated 0.9 percent despite a bounce in crude oil.
A report by the U.S. IEA said oil was unlikely to return to $80 a barrel before the end of the decade, despite cuts in investment, as annual demand growth struggles to top 1 million barrels per day.
"That adds to the overall negative mood for the TSX, said Shailesh Kshatriya, director for Canadian strategies at Russell Investments Canada. "The oversupply story, they don't expect that to go away any time soon."
Brookfield Asset Management rose 1.6 percent after its offer for Australian stevedoring and rail company Asciano Ltd was narrowly eclipsed by a rival offer from Qube Holdings Ltd.
The materials group retreated 1.5 percent, under pressure from weakness in base and precious metal prices, while the financials group fell 0.4 percent.
Adding to the negative backdrop for energy stocks, the U.S. rejection last week of the Keystone XL pipeline has given oxygen to green groups that focus on keeping the most carbon-intensive fossil fuels in the ground before they even are burned.
U.S. crude prices were up 1.5 percent to $44.53 a barrel, while Brent crude added 0.8 percent to $47.58.
Gold futures fell 0.2 percent to $1,085.7 an ounce.
Copper prices declined 0.8 percent to $4,923 a tonne. (Reporting by Fergal Smith; editing by Grant McCool)