CANADA STOCKS-TSX falls as lower oil weighs on energy; telecoms rally

Mon May 2, 2016 5:19pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Adds portfolio manager quotes, updates prices)

* TSX closed down 85.82 points, or 0.62 percent, at 13,865.63

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

By Fergal Smith

TORONTO, May 2 (Reuters) - Canada's main stock index fell on Monday as lower oil prices weighed on energy stocks, offsetting a jump in the shares of Manitoba Telecom Services Inc on news of the company's acquisition by BCE Inc.

Oil prices fell as production from the Organization of the Petroleum Exporting Countries neared all-time peaks and record speculative buying in global benchmark Brent sparked profit-taking on last month's outsized rally.

U.S. crude prices settled at $44.78 a barrel, down 2.48 percent.

"Oil has been under a little bit of pressure today ... I think you are seeing that in some of the oil stocks," said Bryden Teich, associate portfolio manager at Avenue Investment.