August 30, 2018 / 4:53 PM / 2 years ago

BUZZ-Canadian oil co stocks fall as court overturns Trans Mountain approval

** Canada’s Federal Court of Appeal rules Ottawa failed to adequately consider aboriginal concerns, puts future of the C$7.4 billion ($5.71 billion) Trans Mountain oil pipeline expansion project in jeopardy

** U.S. and Toronto-listed shares of Cenovus Energy down ~5 pct while Suncor Energy down ~1 pct; biggest drags on the S&P/TSX Composite Index

** Baytex Energy and Meg Energy Corp led the group on TSX, down ~6 pct, followed by Paramount Resources down ~5 pct, Husky Energy and Imperial Oil down more than 1.5 pct

** Ruling further hits Canada’s heavy crude prices, already trading at a discount to WTI due to pipeline bottlenecks

** Energy sector the biggest drag on the S&P/TSX Composite Index which is down 0.16 pct at 16,365.30 (Reporting by Shanti S Nair in Bengaluru)

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