April 16, 2015 / 3:08 PM / 2 years ago

CANADA STOCKS-TSX slides as resources, bank stocks lead sell off

2 Min Read

TORONTO, April 16 (Reuters) - Canada's main stock index fell on Thursday as investors took some profit following Wednesday's seven-month high gains, with the three sector heavyweights, energy, resource and financial stocks, leading the sell off.

The most influential movers on the index were Canadian Natural Resources, which fell 2.92 percent to C$40.775, and Suncor Energy Inc, which declined 1.2 percent to C$40.2. Enbridge Inc was down 1.4 percent at C$63.26.

The overall energy sector retreated 1.4 percent.

"It's a mild correction from yesterday, which was a big up day for energy ... Also the weekend is approaching, so people tend to be more conservative towards the end of the week," said Douglas Davis, chief executive officer at Davis-Rea.

U.S. crude prices were down 1.1 percent to 55.77, while Brent crude lost 0.6 percent to $62.92.

At 10:38 a.m. EDT (1438 GMT), the Toronto Stock Exchange's S&P/TSX composite index fell 99.98 points, or 0.65 percent, to 15,350.89.

Of the index's 10 main groups, all but the healthcare sector retreated into the red.

Financial stocks, which make up some 35 percent of the index's weight, were also significant drags, with Royal Bank of Canada falling 0.4 percent to C$80.95.

"People are worried the banks are overexposed to Alberta," Davis said, referring to concern about the effect the oil price slide is having on that province. "I don't think they are, but the banks have been going in line with the energy component of the market."

The overall materials group was 1 percent lower, with gold miners including Goldcorp Inc falling 1.7 percent to C$24.13 and Barrick Gold Corp sliding 1.4 percent to C$15.57.

Declining stocks outnumbered advancing ones by 162 to 79 on the TSX, for a 2.05-to-1 ratio on the downside. (Reporting by Solarina Ho; Editing by Grant McCool)

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