CANADA STOCKS-TSX steady as energy, financials offset wider gains

Fri May 15, 2015 11:21am EDT
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(Updates throughout with fresh details, analyst comment, market reaction)

* TSX up 4.17 points, or 0.03 percent, at 15,032.29

* Eight of the TSX's 10 main groups were up

By Solarina Ho

TORONTO, May 15 (Reuters) - Canada's main stock index was little changed on Friday as losses in the financial and energy sectors offset gains across an otherwise positive market.

Energy stocks were hit by slumping crude prices, which fell on reports that an increasing oversupply of oil was boosting global inventories.

Encana Corp was among the most influential decliners. Shares fell 2.67 percent to C$16.06. Overall, energy stocks, which make up a hefty 20 percent of the index, retreated 0.4 percent. U.S. crude was down 0.8 percent to $59.41, while Brent crude lost 0.5 percent to $66.36.

"A lot of investors have piled into the energy sector. It's time to leave, they're going back down again. That's an unsustainable rise," said Norman Levine, managing director at Portfolio Management Corporation, noting the extensive short- covering in the sector.

"Investors would be wise to lighten up, if not totally exit energy stocks for now."   Continued...