CANADA STOCKS-TSX down as banks and energy weigh; Valeant, Home Capital soars

Tue May 9, 2017 5:21pm EDT
 
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* TSX down 82.88 points, or 0.53 percent, to 15,569.2

* Seven of the TSX's 10 main groups fell

By Solarina Ho

TORONTO, May 9 (Reuters) - Canada's main stock index fell on Tuesday as banks, oil and gas companies pulled the market lower, but losses were modestly tempered by Valeant Pharmaceuticals International and Home Capital Group Inc stocks, which soared as investors cheered news from the companies.

The Toronto Stock Exchange's S&P/TSX composite index fell 82.88 points, or 0.53 percent, to 15,569.2. Seven of the 10 most influential index movers were in negative territory.

Home Capital Group, which was accused by the Ontario securities regulator for making misleading statements to investors, saw its shares surge after it said an unnamed buyer intended to purchase up to C$1.5 billion ($1.09 billion) worth of its mortgages.

The overall financials group fell 0.9 percent, however.

Thirteen of the 15 biggest drags on the index were financial and energy companies, and accounted for the bulk of declines.

Royal Bank of Canada was by far the most influential driver on the downside, falling 1.3 percent to close at C$92.94. Bank of Nova Scotia followed, with a 1.1 percent decline to end at C$75.91.   Continued...