CANADA STOCKS-TSX rises with miners; energy stocks drag with lower oil

Wed Sep 14, 2016 4:55pm EDT
 
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* TSX ends up 17.36 points, or 0.12 percent, at 14,366.46

* Eight of the TSX's 10 main groups rise; energy, financials slip

By Alastair Sharp and Fergal Smith

TORONTO, Sept 14 (Reuters) - Canada's main stock index made a small gain on Wednesday as losses for energy stocks on a renewed fall in oil prices offset gains for base metal miners and consumer stocks.

The Toronto Stock Exchange's S&P/TSX composite index ended up 17.36 points, or 0.12 percent, at 14,366.46.

Eight of the index's 10 main groups rose, with the energy group retreating 0.7 percent. Oil fell about 3 percent for a second straight session amid concerns that rebalancing the global oil market will take longer than originally envisaged.

The financial sector also moved slightly lower, as investors took a cautious view on global economic prospects as central banks struggle to stimulate growth, triggering a rise in bond yields and sparking a bout of risk-off trading.

"We now seem to be getting to a phase where some risk factors are weighing on investors' minds," said Elvis Picardo, a strategist at Global Securities, citing a recent jump in bond yields, the November U.S. presidential election and the Federal reserve's on-again, off-again U.S. rate-hike signals.

"I think the correction has more room to run," he added. "All in all I think the scenario doesn't look especially rosy for the TSX."   Continued...