CANADA STOCKS-Energy drop leads TSX into red

Thu Apr 16, 2015 4:49pm EDT
 
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(Adds strategist comment, updates prices to close)

* TSX fell 64.10 points, or 0.41 percent, to 15,386.77

* Nine of ten main sectors end down

By Alastair Sharp

TORONTO, April 16 (Reuters) - Canada's main stock index fell on Thursday as energy bears won a scuffle in the ongoing battle against bulls who expect a recovery in crude oil prices to limit long-term damage to the country's major oil and gas industry.

A day earlier the index hit a seven-month high, helped by a surge in the price of oil, but investors failed to muster much enthusiasm for a fresh 2015 crude price peak hit after militants took control of a Yemeni oil terminal.

In a broad but shallow decline, the Toronto Stock Exchange's S&P/TSX composite index fell 64.10 points, or 0.41 percent, to 15,386.77.

Declining stocks outnumbered advancing ones by a more than 2-to-1 ratio, and nine of the ten main sectors fell.

"It's an ongoing tussle between those who think the worst is over, not just in terms of the impact of crude on the energy sector, but also on the Canadian economy," said Elvis Picardo, a strategist at Global Securities in Vancouver.   Continued...