CANADA STOCKS-TSX falls with commodity prices

Tue Mar 7, 2017 5:04pm EST
 
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(Adds portfolio manager quotes and details on background, Enbridge and Bombardier and updates prices)

* TSX ends down 20.97 points, or 0.13 percent, at 15,608.78

* Eight of the TSX's 10 main groups end lower

By Fergal Smith

TORONTO, March 7 (Reuters) - Canada's main stock index retreated on Tuesday as lower commodity prices weighed on mining and energy shares, while the industrial and financial services groups also lost ground.

Copper, gold and oil were among a string of commodities to trade lower, pressured by rising copper inventories and U.S. oil production levels as well as expectations for a U.S. interest rate hike this month.

"It appears that both oil and copper have rolled over from a technical analysis perspective, which has caused the TSX to decline," said Robert McWhirter, president and portfolio manager at Selective Asset Management Inc.

Copper prices declined 1.5 percent to $5,772.85 a tonne, U.S. crude prices settled 6 cents lower at $53.14 a barrel and the Toronto Stock Exchange's S&P/TSX composite index closed down 20.97 points, or 0.13 percent, at 15,608.78.

Still, the index has gained 2.1 percent this year after climbing 17.5 percent in 2016. In February, it posted a record high of 15,943.09.   Continued...