CANADA STOCKS-TSX falls as energy stocks slump, banks weigh

Wed Jan 6, 2016 11:12am EST
 
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* TSX down 116.95 points, or 0.91 percent, at 12,803.19

* Eight of the TSX's 10 main groups move lower

TORONTO Jan 6 (Reuters) - Canada's benchmark stock index fell on Wednesday as energy stocks slid and heavyweight banks and railways pulled back amid rising geopolitical tensions and growth worries.

The most influential movers included pipeline company Enbridge Inc, which fell 2.1 percent to C$45.03, and Suncor Energy Inc, the country's largest oil and gas company, which declined 2.4 percent to C$34.56.

The energy group overall retreated 2.8 percent, with oil prices sliding over 4 percent to fresh 11-year lows as tensions between Saudi Arabia and Iran made any cooperation between them to cut output even more unlikely.

The index's financials group retreated 0.9 percent, with Bank of Nova Scotia off 1.1 percent to C$55.52.

At 10:40 a.m. EST (1540 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 116.95 points, or 0.91 percent, at 12,803.19. Of the index's 10 main industry groupings, only two were in positive territory.

"I think that everybody is just sitting and watching and waiting to see if something will stabilize," said Diana Avigdor, a portfolio manager and head of trading at Barometer Capital Management. "From a trading perspective, there's just no bids anywhere."

If sustained, the decline would mark the index's sixth straight losing session.   Continued...