CANADA STOCKS-TSX falls as drop in oil prices, dour data weigh

Mon Feb 1, 2016 5:11pm EST
 
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(Adds portfolio manager comments, updates prices to close)

* TSX ends down 147.76 points, or 1.15 percent, at 12,674.37

* Seven of the TSX's 10 main groups fall

By Alastair Sharp

TORONTO, Feb 1 (Reuters) - Canada's main stock index lost ground on Monday, with shares in energy companies weighing heavily as oil prices tumbled and weak economic data out of Europe and China exacerbated concerns about a global slowdown.

The index's energy group retreated 3.7 percent, with pipeline operator Enbridge Inc off 3.5 percent at C$46.97 and Suncor Energy Inc falling 4.1 percent to C$31.83.

Suncor, the country's largest oil and gas company, could provide further insight on the overall health of the oil patch when it reports quarterly earnings on Wednesday, according to John Kinsey, a portfolio manager at Caldwell Securities.

"I don't think the expectations for earnings for (Canadian energy companies) are going to be very high, and because they were beaten up so badly that they will maybe just muddle through here," he said.

Oil fell more than 6 percent as weak economic data from China, the world's largest energy consumer, weighed on prices and an OPEC source played down talk of an emergency meeting to stem the decline.   Continued...