CANADA STOCKS-Energy stocks weigh on TSX ahead of OPEC, pipeline decisions

Tue Nov 29, 2016 10:25am EST
 
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(Adds details on specific stocks, updates prices)

* TSX down 70.03 points, or 0.47 percent, to 14,945.33

* Seven of the TSX's 10 main groups move lower

TORONTO, Nov 29 (Reuters) - Canada's main stock index fell on Tuesday as energy stocks slumped for a third straight session due to leading oil exporters' struggle to agree on terms of a planned production cut, while Bank of Nova Scotia gained after a solid earnings report.

Oil prices fell more than 3 percent as Iran and Iraq resisted pressure from Saudi Arabia to curtail their output, complicating the efforts of the Organization of the Petroleum Exporting Countries to reach a global output-limiting deal when it meets on Wednesday.

The most influential weights on the index included Suncor Energy Inc, which fell 2.5 percent to C$40.25, and Canadian Natural Resources Ltd, down 2.7 percent to C$41.49. The energy group retreated 2.3 percent overall.

Energy investors are also awaiting Canadian government decisions on two major Enbridge Inc pipeline projects that are expected on Tuesday. Shares in the company were off 1.6 percent at C$56.50.

At 9:54 a.m. EDT (1454 GMT), the Toronto Stock Exchange's S&P/TSX composite index fell 70.03 points, or 0.47 percent, to 14,945.33.

Seven of the index's 10 main groups were in negative territory, with five decliners for every two gainers.   Continued...