(Updates throughout with details, analyst comments, market reaction)
* TSX down 51.54 points, or 0.34 percent, to 14,972.35
* Four of the TSX’s 10 main groups down
TORONTO, May 7 (Reuters) - Canada’s main stock index fell for the third consecutive session on Thursday as energy and financial stocks extended Wednesday’s Alberta-election driven rout.
The market was hit in the previous session as the shocking victory of the left-leaning New Democratic party in Alberta sparked concerns over how policy changes might impact the oil-rich province.
The election hangover for energy stocks continued to spill over on Thursday, along with the weaker price of crude, which was coming off 2015 highs.
“Today oil is down, so that’s dragging them down,” said Paul Hand, managing director at RBC Capital Markets. “The (election) hangover’s going to be around for a while, because we’re going to need some comments out of (the new premier) and actually action. There will be some hesitancy, no doubt.”
The most influential movers on the index were Royal Bank of Canada, which fell 0.83 percent to C$78.43, and Suncor Energy Inc, which declined 1.7 percent to C$36.39.
The overall energy group retreated 2.2 percent, while the financial sector slid 0.6 percent. The two groups combined account for more than 55 percent of the index’s weight.
At 10:46 a.m. ET (1446 GMT), the Toronto Stock Exchange’s S&P/TSX composite index fell 51.54 points, or 0.34 percent, to 14,972.35.
Of the index’s 10 main groups, four sectors were dragging the market lower, with nine of the top 10 most influential stocks on the downside either energy or financial names. Declining issues outnumbered advancing ones on the TSX by 155 to 89, for a 1.74-to-1 ratio on the downside.
Canadian Natural Resources fell 2.2 percent to C$37.63. Bank of Nova Scotia was down 1.1 percent to C$65.19.
“The bank sector is weak and generally sloppy as we head towards reporting season at the end of the month,” said Hand.
The materials group, home to mining companies and other resource-based firms, was down 0.5 percent.
Bombardier Inc shares were up 3.4 percent, at C$2.5 after the company outlined plans to list a minority stake in its rail unit and reported a quarterly profit that topped market expectations. (Editing by Nick Zieminski)
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