CANADA STOCKS-TSX turns lower as energy stocks fall with oil's tumble

Wed Jul 27, 2016 12:23pm EDT
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(Recasts with fall after oil inventory data)

* TSX down 50.2 points, or 0.35 percent, at 14,499.80

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

TORONTO, July 27 (Reuters) - Canada's main stock index reversed course on Wednesday, turning lower as slumping oil prices hit energy shares, offsetting gains for gold miners and companies that reported stronger-than-expected results.

Oil prices fell more than 2 percent, hitting a two-month low, after the U.S. government reported a surprise build in crude and gasoline inventories during the peak summer driving season.

The heavyweight energy group, which had been trading higher before the inventory report was released, fell 1.4 percent, with Suncor Energy Inc down 1 percent at C$34.67 and Cenovus Energy Inc losing 3.3 percent to C$17.46.

At 12:03 p.m. EDT (1603 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 50.2 points, or 0.35 percent, at 14,499.80.

Six of the index's 10 main groups were in negative territory, with decliners outnumbering advancers by a ratio of 1.3-to-1.

The most influential gainers included grocery chain Loblaw Cos Ltd, which rose 2.8 percent to C$72.82, and technology company CGI Group Inc, which advanced 4.4 percent to C$61.37, after both beat earnings expectations.   Continued...