TSX loses most in three months as energy stocks fall with oil

TORONTO (Reuters) - Canada’s main stock index had its largest one-day fall in three months on Tuesday as lower oil prices pressured its heavyweight energy sector while mining stocks also pulled the index further from the all-time high it hit earlier this month.

Businessmen pass the Toronto Stock Exchange sing in Toronto, Ontario, Canada July 6, 2017. REUTERS/Chris Helgren

The energy group retreated 3.3 percent as rising U.S. output and a gloomy outlook for global demand weighed, with Canadian Natural Resources Ltd shedding 4.5 percent to C$43.82 and Suncor Energy Inc off 1.4 percent at C$45.56.

Cenovus Energy Inc, which said on Monday it had reached a deal to sell its Weyburn oil facility for C$940 million ($737 million), fell 4.9 percent to C$13.25.

The Toronto Stock Exchange’s S&P/TSX composite index closed down 113.13 points, or 0.71 percent, at 15,913.13. That was its sharpest one-day fall since Aug. 10.

Energy stocks account for roughly a fifth of the index’s overall weight. Eight of the index’s 10 main groups ended in negative territory, with five decliners for every two advancers.

Canadian mining companies were also pressured by a global commodities selloff, led by base metals like nickel and copper, due to weaker-than-expected economic data from China.

First Quantum Minerals Ltd lost 5.2 percent to C$15.37 and Teck Resources Ltd fell 3 percent to C$26.97.

The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.9 percent.

The financials group, which accounts for more than a third of the index’s weight, slipped 0.2 percent, with Brookfield Asset Management Inc down 1.9 percent at C$52.69.

Premium Brands Holdings Corp dropped 6.6 percent to C$95.15 after it reported earnings and revenue that missed expectations and reduced its 2017 organic volume growth forecast.

On the other side of the ledger, Bombardier Inc advanced 1.6 percent to C$3.11 after saying it expects to finalize two recently announced orders for its CSeries jets by the end of the year.

Reporting by Alastair SharpEditing by Sandra Maler