CANADA STOCKS-TSX slips on financials and energy, as oil prices fall

Wed May 31, 2017 5:36pm EDT
 
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* TSX down 22.44 points, 0.2 percent, to 15,349.91

* Five of the TSX's 10 main groups down

* Energy falls 1.1 percent, financials dip 0.3 percent

By Solarina Ho

TORONTO, May 31 (Reuters) - Canada's main stock index fell on Wednesday as a slide in oil prices squeezed energy companies, while a quarterly report on the country's economy cast a cloud over financial shares.

The Toronto Stock Exchange's S&P/TSX composite index finished down 22.44 points, or 0.2 percent, at 15,349.91, managing to pare much of the session's earlier losses.

Five of the 10 main sectors on the index fell, with energy, which gave back 1.1 percent, and financial stocks, which lost 0.3 percent, driving a significant chunk of the declines.

Oil and gas companies took a hit after crude prices dropped following an increase in Libyan output, which helped boost monthly OPEC crude production for the first time this year.

"On one side you see supply increasing from Libya, you also see OPEC compliance decreasing. Really, markets are losing faith in OPEC's ability to really prop up oil prices," said Macan Nia, director, capital markets and strategy, with Manulife Investments.   Continued...