CANADA STOCKS-TSX falls on commodity retreat, ekes out August gain

Wed Aug 31, 2016 4:54pm EDT
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(Adds portfolio manager comment, updates prices to close)

* TSX ends down 87.70 points, or 0.60 percent, at 14,597.15

* Seven of the TSX's 10 main groups fall

By Alastair Sharp

TORONTO, Aug 31 (Reuters) - Canada's main stock index fell on Wednesday as lower oil and gold prices weighed on energy companies and miners, while financial and other interest rate-sensitive stocks slipped as investors considered the likely path of U.S. interest rates.

The Toronto Stock Exchange's S&P/TSX composite index fell 87.70 points, or 0.60 percent, to 14,597.15.

"Part of the reason for the drop is that some of the commodity-related names have run too far, too fast in Canada," said Barry Schwartz, portfolio manager at Baskin Financial Services.

"Investors are looking for some kind of excuse to sell," he said. "Investors have a heightened sense that possibly the markets are overvalued."

The index eked out a 0.1 percent gain over the course of August but is trading just below a 13-month peak hit mid-month.   Continued...