CANADA STOCKS-TSX slides as resources, bank stocks lead sell off

Thu Apr 16, 2015 11:03am EDT
 
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By Solarina Ho

TORONTO, April 16 (Reuters) - Canada's main stock index fell on Thursday as investors took some profit following Wednesday's seven-month high gains, with the three sector heavyweights, energy, resource and financial stocks, leading the sell off.

The most influential movers on the index were Canadian Natural Resources, which fell 2.92 percent to C$40.775, and Suncor Energy Inc, which declined 1.2 percent to C$40.2. Enbridge Inc was down 1.4 percent at C$63.26.

The overall energy sector retreated 1.4 percent.

"It's a mild correction from yesterday, which was a big up day for energy ... Also the weekend is approaching, so people tend to be more conservative towards the end of the week," said Douglas Davis, chief executive officer at Davis-Rea.

U.S. crude prices were down 1.1 percent to 55.77, while Brent crude lost 0.6 percent to $62.92.

At 10:38 a.m. EDT (1438 GMT), the Toronto Stock Exchange's S&P/TSX composite index fell 99.98 points, or 0.65 percent, to 15,350.89.

Of the index's 10 main groups, all but the healthcare sector retreated into the red.

Financial stocks, which make up some 35 percent of the index's weight, were also significant drags, with Royal Bank of Canada falling 0.4 percent to C$80.95.   Continued...