3 Min Read
* TSX down 157.16 points, or 1.08 percent, at 14,439.98
* All of the TSX's 10 main groups fall
TORONTO, Sept 13 (Reuters) - Canada's main stock index fell more than 1 percent on Tuesday as slumping oil prices weighed on energy shares and heavyweight banking and mining stocks also lost ground.
Pipeline companies were among the biggest drags, with Enbridge Inc falling 1.3 percent to C$58.02 and TransCanada Corp down 0.8 percent to C$61.07.
Major energy producers also retreated, with Canadian Natural Resources Ltd off 1.7 percent to C$39.62 and Suncor Energy Inc declining 1.1 percent to C$34.54.
Overall, the energy group lost 1.5 percent as oil prices weakened on gloomy outlooks for crude consumption.
The International Energy Agency (IEA) on Tuesday said a sharp slowdown in global oil demand growth, coupled with ballooning inventories and rising supply, means the crude market will be oversupplied at least through the first six months of 2017.
That followed a surprisingly bearish outlook from OPEC on Monday.
The financials group fell 1 percent, with Royal Bank of Canada down 0.9 percent to C$79.96 and Bank of Nova Scotia declining 1.3 percent to C$68.74.
At 9:50 a.m. EDT (1350 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 157.16 points, or 1.08 percent, at 14,439.98.
All of the index's 10 main groups were in negative territory, with 10 decliners for every gainer.
Open Text Corp added to a sharp gain in the previous session after agreeing to buy assets from a rival, advanced 1.3 percent to C$86.09.
Industrials fell 0.5 percent, while the materials group, which includes precious and base metals miners and fertilizer companies, lost 1.5 percent.
Agrium Inc and Potash Corp posted a second straight day of losses after the pair agreed to combine to navigate a severe industry slump by boosting efficiency and cutting costs, but the new company's potential pricing power may attract tough regulatory scrutiny.
Agrium was down 2.3 percent at C$118.27 and Potash Corp lost 1.7 percent to C$21.45.
U.S. crude prices were down 1.5 percent to $45.61 a barrel, while Brent crude lost 0.9 percent to $47.87. (Reporting by Alastair Sharp Editing by W Simon)