CANADA STOCKS-TSX down over 1 pct as oil price fall weighs on energy stocks

Tue Sep 13, 2016 10:27am EDT
 
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* TSX down 157.16 points, or 1.08 percent, at 14,439.98

* All of the TSX's 10 main groups fall

TORONTO, Sept 13 (Reuters) - Canada's main stock index fell more than 1 percent on Tuesday as slumping oil prices weighed on energy shares and heavyweight banking and mining stocks also lost ground.

Pipeline companies were among the biggest drags, with Enbridge Inc falling 1.3 percent to C$58.02 and TransCanada Corp down 0.8 percent to C$61.07.

Major energy producers also retreated, with Canadian Natural Resources Ltd off 1.7 percent to C$39.62 and Suncor Energy Inc declining 1.1 percent to C$34.54.

Overall, the energy group lost 1.5 percent as oil prices weakened on gloomy outlooks for crude consumption.

The International Energy Agency (IEA) on Tuesday said a sharp slowdown in global oil demand growth, coupled with ballooning inventories and rising supply, means the crude market will be oversupplied at least through the first six months of 2017.

That followed a surprisingly bearish outlook from OPEC on Monday.

The financials group fell 1 percent, with Royal Bank of Canada down 0.9 percent to C$79.96 and Bank of Nova Scotia declining 1.3 percent to C$68.74.   Continued...