CANADA STOCKS-TSX drops on profit-taking, lower oil prices

Fri Jul 17, 2015 11:19am EDT
 
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(Updates market action and adds analyst's comments)

* TSX down 121.65 points, or 0.83 percent, at 14,609.43

* Nine of the TSX's 10 main groups retreat

By Solarina Ho

TORONTO, July 17 (Reuters) - Canada's main stock index fell on Friday as crude prices dropped and investors took profits following five straight days of gains.

The benchmark TSX index had climbed more than 3 percent over the previous five sessions, with heavily weighted financial shares accounting for much of the gain.

"It's profit-taking after a good run this week...after the July trough," said Fergal Smith, managing market strategist at Action Economics. "Risk appetite has improved broadly with Chinese stocks having stabilized and Greece having reached a deal with its creditors."

Twenty-four of the 25 biggest drags on the index came from its three most influential sectors: energy, financials and materials. In the energy group, Suncor Energy fell 1.93 percent to C$34.56; in financials Royal Bank of Canada declined 0.9 percent to C$77.19; and in the mining-heavy materials sector Barrick Gold Corp tumbled 5.4 percent to C$11.33.

Energy names retreated 1.8 percent, financial shares slid 0.7 percent, materials declined 2.5 percent.   Continued...