February 2, 2018 / 12:47 PM / 10 months ago

TSX hits four-month low as resources slump amid global selloff

A man walks past an old Toronto Stock Exchange (TSX) sign in Toronto, June 23, 2014. REUTERS/Mark Blinch

TORONTO (Reuters) - Canada’s main stock index slumped to a four-month low on Friday, with natural resource shares leading broad based declines as commodity prices dropped and higher bond yields pressured global equity markets.

U.S. crude CLc1 prices were down 1.1 percent at $65.09 a barrel, while Brent crude LCOc1 lost 2 percent to $68.27.

The energy group retreated 2.5 percent. Suncor Energy slipped 1.8 percent to C$43.81, and Canadian Natural Resources Ltd (CNQ.TO) dropped 1.4 percent to C$41.88.

The financials group slipped 1.2 percent. Bank of Nova Scotia (BNS.TO) gave back 0.9 percent to C$80.01, and Canadian Imperial Bank of Commerce (CM.TO) lost 1.7 percent to C$119.

The materials group, which includes precious and base metals miners and fertilizer companies, lost 2.8 percent. Barrick Gold Corp (ABX.TO) slipped 3.7 percent to C$17.04, and Goldcorp Inc (G.TO) fell 2.9 percent to C$17.02. Gold futures GCc1 fell 1.3 percent to $1,331.34 an ounce. [GOL/] Copper prices CMCU3 declined 0.6 percent to $7,079 a tonne.

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed down 254.89 points, or 1.61 percent, at 15,606.03, its biggest drop since May. All of the index’s 10 main groups were in negative territory.

Reporting by John Tilak and Fergal Smith; Editing by Tom Brown

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