CANADA STOCKS-TSX falls as energy stocks, Open Text weigh

Tue May 9, 2017 10:48am EDT
 
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(Adds details on specific stocks, updates prices)

* TSX down 91 points, or 0.58 percent, to 15,561.08

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

TORONTO, May 9 (Reuters) - Canada's main stock index fell on Tuesday as energy stocks weighed with lower oil prices and as software company Open Text Corp lost ground after its quarterly profit missed expectations.

Those losses offset a sharp gain for Valeant Pharmaceuticals International Inc, up 12.9 percent to C$15.08, after reporting its first quarterly profit in six quarters and raising its earnings outlook.

Home Capital Group also spiked, up 18.6 percent to C$8.10 after the alternative lender announced a plan to sell up to C$1.5 billion of its mortgage book.

At 10:30 a.m. ET (1430 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 91 points, or 0.58 percent, to 15,561.08.

Seven of the index's 10 main groups were in negative territory, with the heavyweight energy group retreating 1.2 percent as oil prices buckled on concern about slowing demand and rising U.S. output.

Canadian Natural Resources Ltd fell 1.9 percent to C$42.23 and Suncor Energy Inc declined 0.9 percent to C$42.85. Pipeline companies also fell, with Enbridge Inc down 0.7 percent to C$56.57 and TransCanada Corp off 0.5 percent to C$64.19.   Continued...