CANADA STOCKS-TSX falls for fourth straight day as global jitters weigh

Mon Jun 13, 2016 5:26pm EDT
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(Adds portfolio manager comments, updates prices)

* TSX closed down 43.66 points, or 0.31 percent, at 13,993.88

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

By Fergal Smith

TORONTO, June 13 (Reuters) - Canada's main stock index fell for the fourth straight day on Monday, hitting a nearly three-week low as global jitters about whether Britain will vote to leave the European Union weighed, but losses were restrained by gains in resource stocks.

Financial stocks fell in line with Asian and European shares as investors worried that a "Brexit" could tip Europe back into recession and as core sovereign debt yields declined.

Lower bond yields hurt margins for the banks and raise the value of long-term liabilities held by insurance companies, said Steve Belisle, senior portfolio manager at Manulife Asset Management.

Bank of Montreal declined 0.7 percent to C$82.52, while Brookfield Asset Management slipped 3.9 percent at C$43.81.

Selling by exchange traded funds weighed on Brookfield's shares following recent changes to the company's index classification, said Belisle.   Continued...