November 11, 2016 / 4:06 PM / 10 months ago

CANADA STOCKS-TSX falls as lower commodity prices pressure energy, miners

* TSX down 143.84 points, or 0.98 percent, at 14,600.41

* Seven of the TSX’s 10 main groups were lower

TORONTO, Nov 11 (Reuters) - Canada’s main stock index fell on Friday as lower commodity prices pressured the shares of energy and mining companies, while financials and industrials also lost ground.

At 10:45 a.m. EST (1545 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 143.84 points, or 0.98 percent, at 14,600.41.

Losses for the index left it below the 14,656.84 level it closed at on Tuesday before the result of the U.S. presidential election.

Seven of the index’s 10 main groups were lower.

The energy group fell 1.7 percent as oil prices tumbled. U.S. crude prices were down 2.3 percent at $43.62 a barrel as the market refocused on a persistent supply overhang that is not expected to abate unless OPEC and other producers cut their output significantly.

Canadian Natural Resources Ltd fell 2.3 percent to C$40.78, while TransCanada Corp was down 1.6 percent to C$59.21, paring some of this week’s gains on bets that U.S. President-elect Donald Trump might revive the Keystone XL pipeline.

The materials group, which includes precious and base metals miners and fertilizer companies, lost 2.8 percent as gold prices fell to their lowest in over three weeks, pressured by a jump this week in bond yields as investors bet that a splurge of U.S. infrastructure spending could stoke inflation.

Agnico Eagle Mines Ltd fell 4.1 percent to C$60.16 and Barrick Gold Corp declined 1.9 percent to C$20.81, while spot gold fell nearly 2 percent.

Financials fell 0.5 percent and industrials declined 0.6 percent. Still, both sectors have posted solid gains since Tuesday.

South Africa’s Gold Fields Ltd and Silver Standard Resources Inc have made three joint, unsolicited bids for Canada’s Kirkland Lake Gold and recently sweetened their offer to about C$1.4 billion, three sources familiar with the process said.

Kirkland Lake’s shares jumped after the news and were up 2.4 percent at C$8.04. (Reporting by Fergal Smith; Editing by Bill Rigby)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below