CANADA STOCKS-Energy drags TSX lower ahead of OPEC, pipeline decisions

Tue Nov 29, 2016 4:33pm EST
 
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(Adds strategist quotes and details on First Quantum Minerals and updates prices)

* TSX closes down 15.55 points, or 0.1 percent, at 14,999.81

* Index posts its lowest close since Nov. 21

* Just three of the index's 10 main groups end lower

By Fergal Smith

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

U.S. crude prices settled $1.85 lower at $45.23 a barrel, 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 2.2 percent to C$40.35, and Canadian Natural Resources Ltd, down 2.3 percent to C$41.67. The energy group retreated 2.4 percent overall.

The pullback in energy stocks is a "buying opportunity," said Philip Petursson, chief investment strategist at Manulife Asset Management.   Continued...