CANADA STOCKS-TSX falls with oil as energy, high-yielding stocks decline

Mon Mar 20, 2017 5:26pm EDT
 
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(Adds portfolio manager quotes and details on Transcanada, updates prices)

* TSX ends down 48.17 points, or 0.31 percent, at 15,442.32

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

By Fergal Smith

TORONTO, March 20 (Reuters) - Canada's benchmark stock index retreated on Monday as oil prices fell and heavyweight energy and financial shares lost ground, while the prospect of higher U.S. interest rates pressured defensive sectors, such as telecoms.

That sector fell 0.9 percent, while the utilities group, another high-yielding sector, lost 0.4 percent.

"It is all the yield names ... because the Fed is raising rates and it's moving towards normalization," said Noman Ali, senior portfolio manager at Manulife Asset Management.

"They are less attractive when overall yields are going higher elsewhere."

The financials group, which has benefited from the prospect of higher yields, also lost ground, falling 0.5 percent.   Continued...