CANADA STOCKS-TSX slides on energy stocks as oil prices cool

Tue May 30, 2017 10:50am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX down 33.41 points, or 0.22 percent, to 15,388.5

* Five of the TSX's 10 main groups down

TORONTO May 30 (Reuters) - Canada's main stock index fell on Tuesday as broad declines among oil and gas companies, partly hurt by a slide in crude oil prices, offset a moderate rise by Bank of Nova Scotia and slight gains in other sectors.

The most influential movers on the index included Canadian natural Resources, which retreated 1.8 percent to C$39.08, and Cenovus Energy which declined 3.4 percent to C$12.38. The energy group, which make up about a fifth of the index, fell 1.5 percent, at one point touching an eight-month low.

U.S. crude prices were down 0.8 percent to $49.4 a barrel, as concerns that production cuts by the world's big exporters may not be enough to drain a global glut in crude.

Shares in Kinder Morgan Canada Ltd debuted at C$16.06 on the TSX after raising C$1.75 billion ($1.3 billion) in an initial public offering at C$17.00 each last week.

At 10:30 a.m. ET (1430 GMT), the Toronto Stock Exchange's S&P/TSX composite index fell 33.41 points, or 0.22 percent, to 15,388.50.

Half of the index's 10 main groups ceded ground.

The financials group slipped 0.2 percent as small but influential dips in most bank shares offset Scotiabank's 0.6-percent rise to C$76.61. Scotiabank, which has the biggest foreign presence of any Canadian bank, reported second quarter results that beat analyst expectations, helped in part by its international business.   Continued...