September 27, 2016 / 11:57 AM / a year ago

TSX falls with resource stocks

TORONTO (Reuters) - Canada’s main stock index fell on Tuesday as energy stocks lost ground with lower oil prices, while miners also weighed as gold prices fell and the Philippine government ordered the suspension of 20 more mines for environmental violations.

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

At 10:04 a.m. EDT (1404 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was down 55.06 points, or 0.38 percent, at 14,564.40.

Crude oil futures fell as optimism faded for an output-limiting deal from an oil producer meeting in Algeria to curb one of the worst supply gluts in history. [O/R]

The energy group retreated 1.3 percent, with Canadian Natural Resources Ltd CNQ.TO down 1.6 percent to C$38.47 and Suncor Energy Inc SU.TO off 1.2 percent to C$34.26. Both are among the most influential movers on the index.

The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.2 percent.

The TSX-listed shares of Australia-based OceanaGold Corp OGC.TO fell 10.4 percent to C$4.22 as it faced a suspension of operations in the Philippines.

Most of the mines targeted by the government were nickel producers, and the news sent global prices CMNI3 up more than 1 percent.

Gold prices, meanwhile, fell as the U.S. dollar and Wall Street stocks gained ground on the view that U.S. presidential candidate Hillary Clinton got the better of rival Donald Trump in their first debate. [GOL/][.N]

Barrick Gold Corp ABX.TO fell 1.8 percent to C$23.30. Smaller producer B2Gold Corp BTO.TO fell 9.7 percent to C$3.46.

Six of the index’s 10 main groups were in negative territory, with two decliners for every gainer.

On the positive side, Fairfax Financial Holdings Ltd FFH.TO rose 1.4 percent to C$752.44 and Valeant Pharmaceuticals International Inc VRX.TO advanced 1.8 percent to C$34.85. It had slipped ahead of Monday night’s presidential debate.

U.S. crude oil CLc1 prices were down 2.3 percent to $44.86 a barrel, while Brent LCOc1 lost 2.2 percent to $46.32.[O/R]

Gold futures GCc1 fell 0.8 percent to $1,328.7 an ounce and copper prices CMCU3 lost 0.9 percent to $4,798 a tonne. [GOL/][MET/L]

Reporting by Alastair Sharp; Editing by Dan Grebler

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