CANADA STOCKS-Energy, financials spur another TSX retreat

Thu May 7, 2015 11:09am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Updates throughout with details, analyst comments, market reaction)

* TSX down 51.54 points, or 0.34 percent, to 14,972.35

* Four of the TSX's 10 main groups down

By Solarina Ho

TORONTO, May 7 (Reuters) - Canada's main stock index fell for the third consecutive session on Thursday as energy and financial stocks extended Wednesday's Alberta-election driven rout.

The market was hit in the previous session as the shocking victory of the left-leaning New Democratic party in Alberta sparked concerns over how policy changes might impact the oil-rich province.

The election hangover for energy stocks continued to spill over on Thursday, along with the weaker price of crude, which was coming off 2015 highs.

"Today oil is down, so that's dragging them down," said Paul Hand, managing director at RBC Capital Markets. "The (election) hangover's going to be around for a while, because we're going to need some comments out of (the new premier) and actually action. There will be some hesitancy, no doubt."

The most influential movers on the index were Royal Bank of Canada, which fell 0.83 percent to C$78.43, and Suncor Energy Inc, which declined 1.7 percent to C$36.39.   Continued...