CANADA STOCKS-TSX retreats on Greece, but regains some lost ground

Mon Jul 6, 2015 11:31am EDT
 
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(Updates market reaction and adds analyst's comments)

* TSX down 69.68 points, or 0.47 percent, at 14,612.71.

* Seven of the TSX's 10 main groups lower

By Solarina Ho

TORONTO, July 6 (Reuters) - Canada's main stock index was lower on Monday but had made a significant comeback from big early losses after Greek voters rejected debt bailout terms, endangering the country's future in the euro zone and darkening overall market sentiment.

Global markets stumbled on the news, but declines were limited as the referendum decision was already partially priced in and investors were being careful not to overreact.

"I think a lot of people are just sitting on the sidelines, seeing what happens next ... The markets had declined in anticipation of what happened," said David Cockfield, managing director and portfolio manager at Northland Wealth Management.

"All the concerns are really the over-the-horizon, if Greece goes, does somebody else go in the euro zone? It's more theoretical than real."

Energy stocks, hurt by tumbling crude prices following the Greek vote, were down 1.1 percent. Pipeline company Enbridge Inc fell 0.86 percent to C$57.965, and was among the most influential losers, along with Veresen Inc, which declined 6.6 percent to C$15.75.   Continued...