CANADA STOCKS-TSX drops 1 pct as oil fall drags energy stocks down

Mon Jan 25, 2016 11:12am EST
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(Adds details, updates prices)

* TSX down 131.62 points, or 1.06 percent, at 12,257.96

* Eight of the TSX's 10 main groups fall

TORONTO, Jan 25 (Reuters) - Canada's main stock index fell on Monday as last week's crude-induced rally fizzled out and a fall in oil prices weighed on energy companies and financial shares.

At 10:41 a.m. EST (1541 GMT), the Toronto Stock Exchange's S&P/TSX composite index fell 131.62 points, or 1.06 percent, to 12,257.96.

Eight of its 10 main groups were in negative territory, while three-in-four stocks were lower.

The most influential weights were financials, which slipped 1.9 percent, and energy companies, which retreated 2.8 percent.

Royal Bank of Canada fell 1.6 percent to C$68.24, and Toronto-Dominion Bank declined 1.8 percent to C$50.76. Insurer Manulife Financial Corp lost 2.6 percent to C$18.23.

Oil prices fell 3 percent as Iraq announced record-high oil production feeding into a heavily oversupplied market, wiping out much of the gains made in one of the biggest-ever daily rallies last week.   Continued...