CANADA STOCKS-TSX dips as energy and mining stocks lose ground

Mon Oct 24, 2016 5:44pm EDT
 
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(Adds analyst quotes and details on global gold mining sub-sector, updates prices)

* TSX closes down 16.03 points, or 0.11 percent, at 14,923.01

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

By Fergal Smith

TORONTO, Oct 24 (Reuters) - Canada's main stock index fell on Monday as lower oil and gold prices weighed on energy and mining shares and as Restaurant Brands International Inc declined after reporting quarterly earnings.

The modest loss for the index follows its highest close on Friday in 16 months. The index has rallied 29 percent since hitting a three-year low in January.

Low interest rates and still positive economic growth are supportive of a market that has been grinding higher. But investors have a "whole bunch of excuses" not to trade between now and year-end, including the U.S. presidential election, the U.S. Thanksgiving holiday and Federal Reserve interest rate decisions, said Paul Hand, managing director at RBC Capital Markets.

Shares of Restaurant Brands International fell 4.5 percent to C$59.80. The owner of Burger King and Tim Hortons reported a second straight quarter of decline in comparable sales at Burger King in the United States and Canada.

The biggest drags on the index included some of the country's major energy pipeline companies.   Continued...