CANADA STOCKS-TSX dips as energy stocks retreat ahead of OPEC meeting

Mon May 30, 2016 4:25pm EDT
 
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(Adds portfolio manager comments, details on index's performance, OPEC meeting, consumer staples stocks, updates prices)

* TSX ends down 18.56 points, or 0.13 percent, at 14,086.67

* Just four of the TSX's 10 main groups are lower

By Fergal Smith

TORONTO, May 30 (Reuters) - Canada's main stock index edged lower on Monday as energy stocks retreated ahead of a meeting of oil producers later in the week, while mining stocks and financials also fell in a low-volume session with U.S. markets closed for Memorial Day.

The index has rallied 22 percent from an almost 3-1/2-year low in January. Last week it touched a nine-month high of 14,143.50.

"Right now the market is very stretched," said Youssef Zohny, portfolio manager at StennerZohny Investment Partners.

It is vulnerable to profit-taking going into the summer months, with U.S. interest rate hikes one possible catalyst for a pull-back, he added.

Federal Reserve Chair Janet Yellen suggested on Friday that an interest rate hike in the United States may be around the corner.   Continued...