CANADA STOCKS-TSX slips as oil and gas stocks weigh

Mon May 11, 2015 4:48pm EDT
 
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(Adds strategist comment, updates prices to close)

* TSX ends down 17.38 points, or 0.11 percent, at 15,152.64

* Half of the TSX's 10 main groups finish lower

By Alastair Sharp

TORONTO, May 11 (Reuters) - Canada's main stock index eased on Monday as energy companies fell on lower oil prices, with investors also cautious on China's latest interest rate cut and prospects for a resolution of Greece's financial woes.

Oil and gas shares were down 1 percent as crude prices came under pressure from signs of a rejuvenation in already bloated U.S. shale supplies.

Canada is a major energy producer and weakness in the sector can have a big impact on the overall health of the Toronto Stock Exchange's S&P/TSX composite index, which closed down 17.38 points, or 0.11 percent, at 15,152.64.

A lower price at the pump could give Canadians more spending power, although the economy still faces weak wage growth, high debt levels and a softening housing market, one strategist said.

"The punitive effect of oil prices on the energy industry are the beneficial effects that accrue to the consumer," said Craig Fehr, Canada strategist at Edward Jones in St. Louis, Missouri.   Continued...