(Adds details of trading, sector moves; updates prices)
* TSX falls 38.08 points, or 0.28 percent, to 13,597.98
* Seven of the TSX’s 10 main groups decline
TORONTO, Dec 2 (Reuters) - Canada’s main stock index slipped on Wednesday, pushed lower by a sharp fall in energy stocks on cheaper oil and losses for miners as gold and copper prices also declined.
The overall retreat was offset by gains for two major banks after they reported earnings.
At 10:29 a.m. EST (1529 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 38.08 points, or 0.28 percent, to 13,597.98.
The most influential weights on the index included Suncor Energy Inc, which fell 1.2 percent to C$37.35, and Canadian Natural Resources, which declined 1.6 percent to C$31.82.
U.S. crude prices were down 2.0 percent to $41.02 a barrel, while Brent crude lost 1.9 percent to $43.58, as U.S. inventories rose and investors discounted the possibility of OPEC cutting output at its meeting this week.
The overall energy group retreated 1.6 percent, while materials stocks retreated 0.9 percent.
Barrick Gold Corp fell 2.2 percent to C$9.94 and Goldcorp Inc declined 1.7 percent to C$15.94, outpacing a 0.7 percent slip in gold futures to $1,056.4 an ounce.
Copper prices declined 0.7 percent to $4,598.5 a tonne.
Shares of Royal Bank of Canada, the country’s biggest lender, gained 0.3 percent to C$77.10 after it reported an 11 percent rise in fourth-quarter profit. It became the first Canadian company to record C$10 billion in annual profit.
National Bank of Canada rose 0.8 percent to C$44.47 on higher profit and an increased dividend.
The financial group, which accounts for 38 percent of the index’s weight, gained 0.25 percent.
The Bank of Canada held interest rates steady even though it said vulnerabilities in the household sector, which has been stretched by high debt spurred by people taking advantage of cheap mortgage costs, continued to edge higher. (Reporting by Alastair Sharp; Editing by James Dalgleish)
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