CANADA STOCKS-TSX hits 2017 low as energy, Valeant weigh

Tue Mar 14, 2017 4:44pm EDT
 
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(Adds analyst quotes and details on background and Hudson's Bay and updates prices)

* TSX closes down 165.21 points, or 1.06 percent, at 15,379.61

* Index touches its lowest since Dec. 30

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

TORONTO, March 14 (Reuters) - Canada's main stock index tumbled on Tuesday to its lowest this year as declining oil prices weighed on the energy sector, while Valeant Pharmaceuticals International Inc plunged on the exit of an activist investor.

Losses for the Toronto Stock Exchange's S&P/TSX composite index came as global investors tread cautiously ahead of a widely expected interest rate hike from the Federal Reserve on Wednesday.

"We are seeing markets around the world roll over," said Colin Cieszynski, senior market analyst at CMC Markets Canada.

"We are just at the point where we have reached exhaustion. We had just a massive screaming rally for several months and now people are waiting for more details (on proposed U.S. economic stimulus)."

Investors have been betting that U.S. President Donald Trump will cut corporate taxes, spend on infrastructure and deregulate banks.   Continued...