CANADA STOCKS-Toronto stocks fall as oil prices falter

Mon Feb 27, 2012 4:33pm EST
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* TSX ends down 25.39 points at 12,700.38

* Energy shares retreat 1.2 percent

* Valeant soars 5.6 pct after results

By Jennifer Kwan

TORONTO, Feb 27 (Reuters) - Canada's main stock index finished lower on Monday as energy issues fell in tandem with oil prices after G20 officials warned about the risks to global growth from the rising cost of crude.

Energy issues, which represent some 20 percent of the Toronto index, dropped 1.2 percent as oil prices pulled back after a string of higher settlements. Suncor Energy fell 2.2 percent to C$36.16, while Nexen sank 2.9 percent to C$20.56.

The sector was pressured in part by comments by the Group of 20 finance ministers and central bankers on Sunday. They said they were "alert to the risks of higher oil prices" and discussed at length the impact that sanctions on Iran would have on crude supplies and global growth.

"The fact that you now have crude oil prices in the triple digits that's causing some concern about the impact high oil prices might have on the world economy," said Elvis Picardo, strategist and vice-president of research at Global Securities in Vancouver.   Continued...