CANADA STOCKS-TSX falls on broad declines despite oil price surge

Thu Mar 26, 2015 4:31pm EDT
 
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(Adds portfolio manager comments, updates prices to close)

* TSX ends down 59.57 points, or 0.40 percent, at 14,869.80

* Eight of 10 main sectors finish lower

By Alastair Sharp

TORONTO, March 26 (Reuters) - Canada's main stock index slipped on Thursday as pessimism about economic growth hit banks and insurers, offsetting limited resource stock gains on the back of Middle Eastern violence that pushed oil prices higher.

Saudi Arabia and its allies launched air strikes on rebels in Yemen that spooked investors, boosting commodity markets but dampening enthusiasm for equities globally.

While oil prices jumped more than 4 percent, Canadian producers saw much more modest advances or even slipped on the day.

"Investors are getting used to the fact that oil is volatile, it swings back and forth quite a bit on a day-to-day basis," said Marcus Xu, a portfolio manager at M.Y. Capital Management Corp in Vancouver.

After an early rise, the Toronto Stock Exchange's S&P/TSX composite index ended the day down 59.57 points, or 0.40 percent, at 14,869.80.   Continued...