CANADA STOCKS-TSX falls as resource stocks, financials lose ground

Mon Apr 4, 2016 4:32pm EDT
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(Adds portfolio manager quotes, details on Manulife and Agrium, updates prices)

* TSX ends down 104.29 points, or 0.78 percent, at 13,336.15

* Nine of TSX's 10 main groups fall

By Fergal Smith

TORONTO, April 4 (Reuters) - Canada's main stock index fell on Monday as lower commodity prices weighed on mining and energy stocks, while financial sector stocks also lost ground as investors grappled with the Federal Reserve's likely path toward higher U.S. interest rates.

The index has rebounded more than 15 percent from an almost 3-1/2-year low in January, but has been unable to sustain moves since mid-March above its 200-day moving average as the rally in commodity prices ran out of steam.

"Like the cold weather we are having on Bay Street, the TSX (Toronto Stock Exchange) may be set for some cooling as well," said Stan Wong, Director of Wealth Management at ScotiaMcLeod, referring to the unseasonably cold weather that has gripped Toronto's financial district.

The most influential movers on the index included Brookfield Asset Management, which fell 4.8 percent to C$42.91, while Manulife Financial Corp was down 1.5 percent at C$17.99. The overall financial services group fell 0.4 percent.

A usually cautious Federal Reserve official delivered a surprisingly confident message, saying the Fed will likely raise interest rates before markets currently expect given economic risks have faded.   Continued...