CANADA STOCKS-TSX turns negative as oil and bank shares drag

Mon Jun 1, 2015 11:04am EDT
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(Updates throughout and adds analyst's comments)

* TSX down 13.94 points, or 0.09 percent, to 15,000.15

* Seven of the TSX's 10 main groups were lower

By Solarina Ho

TORONTO, June 1 (Reuters) - Canada's main stock index was lower on Monday, getting June off to a sluggish start as commodity prices drove up mining stocks but pulled down oil and gas shares, while most of the financial sector retreated.

The biggest heavyweight gainer was Bank of Nova Scotia , which rose 1.09 percent to C$66.11, but as a whole the financial group, which accounts for roughly a third of the index, retreated 0.4 percent, with Toronto-Dominion Bank and other major banks falling. TD declined 1.0 percent to C$53.62.

"The banks reported last week and they were pretty much as advertised. Scotia is up today, but the others are all stuck in the mud," said John Kinsey, portfolio manager at Caldwell Securities.

"It's not a very robust start to the new month. We do have the summer doldrums, as they say, coming up," he added. "But June will have to do something. It's the quarter-end and the half year-end ... But so far, it's getting off to a sleepy start."

At 10:40 a.m. EDT (1440 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 13.94 points, or 0.09 percent, at 15,000.15, reversing earlier gains.   Continued...