CANADA STOCKS-TSX falls as financials and energy lead broad-based losses

Tue May 3, 2016 10:58am EDT
 
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(Adds details on sectors and stocks, updates prices)
    * TSX down 224.34 points, or 1.62 percent, to 13,641.29
    * All 10 of TSX's main groups were lower

    TORONTO, May 3 (Reuters) - Canada's main stock index fell to
a two-week low on Tuesday as financials and energy stocks led
broad-based losses for the resource-linked market, while oil and
global stocks also fell.
    Negative for investor sentiment, weak Chinese factory
activity stoked concerns about the health of the global economy
 and European financial stocks fell after a string
of weak first-quarter earnings reports from banks.    
    The most influential movers on the index were Bank of Nova
Scotia, which fell 3.3 percent to C$63.03, and Royal Bank of
Canada, which declined 2.1 percent to C$76.1. The overall
financials group dropped 1.9 percent.
    The shares of Encana Corp  fell 9.7 percent
to C$8.40. The oil and gas producer posted a
bigger-than-expected quarterly loss due to lower production amid
a steep fall in oil prices. 
    Suncor Energy Inc fell 2.7 percent to C$34.62, while
Canadian Natural Resources Ltd was down 3.9 percent at
C$35.24 and the overall energy group declined 3.5 percent.
    U.S. crude prices were down 2.1 percent to $43.84 a
barrel, while Brent crude lost 1.6 percent to
$45.09. 
    At 10:46 a.m. EDT (1446 GMT), the Toronto Stock Exchange's
S&P/TSX composite index fell 224.34 points, or 1.62
percent, to 13,641.29. It touched its lowest since April 18 of
13,599.93. All 10 of the index's main groups were lower.
    The materials group, which includes precious and base metals
miners and fertilizer companies, lost 2.1 percent. It included a
3.1 percent drop in the shares of Barrick Gold Corp to
C$23.22.
    Spot gold dipped 0.4 percent.
    Canada's WestJet Airlines Ltd reported a
higher-than-expected quarterly profit, helped by lower fuel
costs. Still its shares fell 2.6 percent to C$20.94.
 

 (Reporting by Fergal Smith; Editing by Bill Trott)