CANADA STOCKS-TSX falls to a 1-month low as energy, financials retreat

Thu Apr 7, 2016 5:04pm EDT
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(Adds portfolio manager quote, details on Magna, updates prices)

* TSX closed down 81.02 points, or 0.61 percent, at 13,266.44

* Six of the TSX's 10 main groups ended lower

By Fergal Smith

TORONTO, April 7 (Reuters) - Canada's main stock index fell to a one-month low on Thursday as lower oil prices weighed on energy stocks, while financials and consumer discretionary stocks also lost ground as investor appetite for risk waned globally.

The index has rallied nearly 15 percent after hitting an almost 3-1/2-year low in January, but has been unable to sustain moves since mid-March above its 200-day moving average as a rally in commodity prices lost momentum.

"What we are seeing recently is the oil price dictating where the overall market goes in the short term," said Cavan Yie, senior equity analyst at Manulife Asset Management.

U.S. crude prices settled at $37.26 a barrel, down 1.3 percent.

"You are seeing the energy sector leading the charge down, banks are following and then you got some large consumer names that are down as well," Yie added.   Continued...