CANADA STOCKS-Oil and gas shares tug TSX lower in lethargic trade

Mon May 25, 2015 5:07pm EDT
 
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(Adds strategist's comment, updates prices to close)

* TSX ends down 13.36 points, or 0.09 percent, at 15,187.40

* Energy stocks pull back after recent gains

* Banks sluggish ahead of earnings week

By Alastair Sharp

TORONTO, May 25 (Reuters) - Canada's main stock index edged lower on Monday as investors took money out of recently rising energy stocks in trade made sluggish by the U.S. Memorial Day holiday, but banks firmed ahead of closely watched quarterly earnings reports.

The energy sector, which accounts for more than 20 percent of the index's value, was down more than half a percent even as crude oil prices rose.

Seven of the eight heaviest drags on the index were oil and gas-related companies, with Enbridge Inc off 2.1 percent at C$60.71, and Cenovus Energy Inc giving up 1.8 percent to C$20.95.

One strategist said some energy stocks may have bounded too far ahead as oil prices rallied off January's trough, with crude prices now moving sideways.   Continued...