CANADA STOCKS-TSX slides as Greek worries nag, retail sales disappoint

Fri Jun 19, 2015 5:24pm EDT
 
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(Adds strategist's comment, updates prices to close)

* TSX ends down 125.53 points, or 0.85 percent, at 14,645.11

* Index's mining-heavy materials sector hit hardest

* Nine of the TSX's 10 main groups fall

By Alastair Sharp

TORONTO, June 19 (Reuters) - Canada's main stock index fell to its lowest close since mid-January on Friday as disappointing domestic retail sales data added to the market's anxiety over the Greek debt crisis.

With crude and base metals prices slumping, the index's heavily weighted energy and materials sectors led a broad decline, with Canada's big banks and Valeant Pharmaceuticals also down.

Subodh Kumar, chief investment strategist at Subodh Kumar & Associates, said crude prices likely will not rise much as the war for market share between the OPEC producers group and the U.S. fracking industry continues.

He said the oil industry is likely to suffer through a shakeout similar to the one that has already hit gold miners, and that golds may now be a better bet. "The oil industry is in the throes of restructuring that happened later than gold," Kumar said.   Continued...