CANADA STOCKS-TSX falls as gold miners retreat

Wed Nov 23, 2016 10:16am EST
 
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(Adds details on specific stocks, updates prices)

* TSX down 61.19 points, or 0.41 percent, at 15,039.19

* Half of the TSX's 10 main groups fall

TORONTO, Nov 23 (Reuters) - Canada's main stock index was pushed lower on Wednesday by sharp declines among gold mining stocks as the precious metal slid to a nine-month low.

A slew of gold mining stocks, including two of the world's largest gold producers, fell between 3 and 8 percent. Gold prices slumped as strong U.S. data buoyed the U.S. currency and further cemented a case for increasing U.S. interest rates next month.

Barrick Gold Corp fell 4.9 percent to C$19.63, and Goldcorp Inc declined 5.1 percent to C$17.22. Kinross Gold Corp lost 8 percent to C$4.27.

The materials group, which includes precious and base metals miners and fertilizer companies and accounts for 12 percent of the index's weight, lost 3.2 percent.

Potash Corp slipped 0.4 percent to C$23.97. The world's biggest fertilizer maker by capacity said it was reducing output and cutting jobs as the sector struggles with weak prices.

The energy group also pulled back, off 0.5 percent as oil edged lower on investors' doubts that OPEC would agree a large enough production cut to significantly reduce a global surplus when it meets next week.   Continued...