CANADA STOCKS-TSX falls to 2-1/2-year low as financials, energy stocks slide

Wed Jan 13, 2016 5:07pm EST
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(Adds portfolio manager quotes, details; updates prices)

* TSX ends down 203.49 points, or 1.64 percent, at 12,170.41

* Eight of the TSX's 10 main groups fall

By Fergal Smith

TORONTO, Jan 13 (Reuters) - Canada's main stock index slumped on Wednesday to a 2-1/2-year low as investors used an early rally to reduce exposure to stocks and crude oil prices fluctuated on rising U.S. inventories.

The index had climbed initially after positive Chinese trade data supported sentiment.

"People don't want stocks these days and they're taking every opportunity to sell them," said John Kinsey, portfolio manager at Caldwell Securities.

Heavyweight financial stocks fell 2.1 percent, including a 2.5 percent drop in Royal Bank of Canada to C$69.15.

Financials are "taking a good hit" amid concern that the impact of the oil price shock will get worse for the banks in 2016, according to Kinsey.   Continued...