CANADA STOCKS-TSX falls 2 percent as banks, energy stocks sink

Tue Feb 9, 2016 5:13pm EST
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(Adds portfolio manager comments, details on Canadian Pacific Railway, updates prices)

* TSX ended down 252.75 points, or 2.02 percent, at 12,282.65

* Six of the TSX's 10 main groups fall

By Fergal Smith

TORONTO, Feb 9 (Reuters) - Canada's main stock index fell on Tuesday to a two-week low, again weighed down by bank and energy company shares as crude oil prices tumbled and investors globally worried about negative interest rates.

The drop in oil prices was the major factor weighing on the market, according to Bryden Teich, associate portfolio manager at Avenue Investment Management.

U.S. crude prices settled at $27.94 a barrel, down 5.89 percent.

Financial stocks across the world have suffered, Teich added, as the "whole banking model gets flipped on its head" by negative interest rates concerns.

The most influential movers on the index were its heavyweight banks, with the financials group down 2.4 percent overall, while the energy sector tumbled 4.7 percent, extending Monday's losses.   Continued...