January 23, 2017 / 3:41 PM / 7 months ago

CANADA STOCKS-Energy stocks lead broad declines, miners buck trend

3 Min Read

(Adds details on specific stocks, updates prices)

* TSX down 49.07 points, or 0.32 percent, at 15,498.81

* Nine of the TSX's 10 main groups move lower

TORONTO, Jan 23 (Reuters) - Canada's main stock index fell on Monday as energy companies retreated along with lower oil prices, while mining shares bucked a broadly weaker trend on higher metal prices.

At 10:21 a.m. ET (1521 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 49.07 points, or 0.32 percent, at 15,498.81.

Nine of the index's 10 main groups were in negative territory, and decliners outnumbered gainers by 3-to-2 overall.

The materials group, which includes precious and base metals miners and fertilizer companies, added 0.8 percent, as copper rose in part on hopes that U.S. President Donald Trump's incoming administration would make good on a pledge to boost infrastructure spending in the world's largest economy.

In his inauguration speech on Friday, Trump said his administration would "build new roads, and highways, and bridges, and airports, and tunnels, and railways all across our wonderful nation."

Teck Resources Ltd advanced 2.2 percent to C$32.11 and Hudbay Minerals Inc rose 2.9 percent to C$9.47.

Uncertainty about Trump's economic policies also boosted gold to its highest in two months, and Canada-listed gold miners rose. Barrick Gold Corp advanced 1.4 percent to C$23.13.

The energy group retreated 1.5 percent, as signs of a strong recovery in U.S. drilling activity outweighed news that OPEC and non-OPEC producers were on track to meet output reduction goals set in December.

The most influential weights on the index included Canadian Natural Resources Ltd, which fell 1.6 percent to C$40.30, and Suncor Energy Inc, down 1 percent to C$41.85. Cenovus Energy Inc declined 2.5 percent to C$18.97.

Peyto Exploration & Development fell 5.4 percent to C$28.31 after Barclays cut its target price and downgraded its view on the stock.

Industrial and consumer groups fell 0.6 percent and the healthcare group lost 0.8 percent as Valeant Pharmaceuticals International Inc shed 4.2 percent to C$18.82.

U.S. crude prices were down 1.1 percent to $52.64 a barrel, while Brent lost 0.7 percent to $55.08.

Gold futures rose 0.5 percent to $1,210 an ounce and copper prices advanced 0.8 percent to $5,794.5 a tonne. (Reporting by Alastair Sharp; Editing by Bernadette Baum)

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