CANADA STOCKS-TSX dips as oil falls, resource stocks retreat

Tue Jul 19, 2016 4:52pm EDT
 
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(Adds strategist quotes, details on BlackBerry and consumer staples group, updates prices)

* TSX ended down 7.79 points, or 0.05 percent, at 14,524.61

* Five of the TSX's 10 main groups ended lower

By Fergal Smith

TORONTO, July 19 (Reuters) - Canada's main stock index dipped slightly on Tuesday as oil prices fell and resource stocks retreated, offsetting gains by consumer and technology stocks.

The index has rallied more than 25 percent since January, helped by a partial recovery in oil prices. Last week it reached an 11-month high of 14,558.12.

"I think it really does come down to oil," said Philip Petursson, chief investment strategist at Manulife Investments, who expects the recent pullback in oil prices to prove temporary and the Toronto Stock Exchange's S&P/TSX composite index index to rise to between 14,750 and 15,000 by the end of the year.

Oil prices slipped as a rallying U.S. dollar and a global fuel glut offset forecasts of a ninth straight weekly drop in U.S. crude stockpiles. U.S. crude oil futures settled 59 cents lower at $44.65 a barrel.

Suncor Energy Inc fell 1.1 percent to C$35.80, while the overall energy group declined 0.7 percent.   Continued...