CANADA STOCKS-TSX falls nearly 1 pct, weighed by drop in resource stocks

Thu May 4, 2017 5:24pm EDT
 
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(Adds portfolio manager comment, updates prices to close)

* TSX ends down 146.44 points, or 0.94 percent, at 15,396.70.

* Seven of the TSX's 10 main groups fall

* Energy stocks down 3 pct, materials stocks off 2.3 pct

By Alastair Sharp

TORONTO, May 4 (Reuters) - Canada's main stock index fell almost 1 percent on Thursday as the country's heavyweight energy and mining sectors lost ground amid a drop in commodity prices and as investors digested a string of corporate earnings.

Oil prices dove 5 percent to their lowest level since a November OPEC deal, on signs the group and other major producing countries will not take more drastic steps to reduce the world's persistent glut of crude.

Canada's energy group, which accounts for more than a fifth of the index's weight, retreated 3 percent.

Colum McKinley, portfolio manager at CIBC Asset Management, said that with Canadian energy stocks already battered he would use days like today "as an opportunity to add to existing positions" in the likes of Canadian Natural Resources, Suncor Energy Inc and pipeline stocks Enbridge Inc and TransCanada Corp.   Continued...