CANADA STOCKS-TSX pulls back from record high as energy tumbles

Wed Feb 22, 2017 5:42pm EST
 
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(Adds details throughout on stocks and sectors, updates prices)

* TSX closes down 92.15 points, or 0.58 percent, at 15,830.22

* Six of the TSX's 10 main groups end lower

By Fergal Smith

TORONTO, Feb 22 (Reuters) - Canada's main stock index fell the most in three weeks on Wednesday, pulling back from a record high set the day before as lower commodity prices pressured shares of energy and materials companies.

The energy group tumbled nearly 3 percent and the materials group, which includes precious and base metals miners and fertilizer companies, lost 1.2 percent as crude oil and metal prices fell.

Investor expectations for Federal Reserve interest rate hikes have pressured commodities priced in U.S. dollars, said Youssef Zohny, portfolio manager at StennerZohny Investment Partners of Richardson GMP.

"We probably expect that trend to continue ... That may create a bit of a headwind for the energy and materials sectors," he added.

Many Fed policymakers said it may be appropriate to raise U.S. rates again "fairly soon" should jobs and inflation data come in line with expectations, according to the minutes of the central bank's last policy meeting released on Wednesday.   Continued...