(Adds analyst quotes and details on background and Hudson's Bay
and updates prices)
* TSX closes down 165.21 points, or 1.06 percent, at
* Index touches its lowest since Dec. 30
* Nine of the TSX's 10 main groups end lower
TORONTO, March 14 Canada's main stock index
tumbled on Tuesday to its lowest this year as declining oil
prices weighed on the energy sector, while Valeant
Pharmaceuticals International Inc plunged on the exit
of an activist investor.
Losses for the Toronto Stock Exchange's S&P/TSX composite
index came as global investors tread cautiously ahead
of a widely expected interest rate hike from the Federal Reserve
"We are seeing markets around the world roll over," said
Colin Cieszynski, senior market analyst at CMC Markets Canada.
"We are just at the point where we have reached exhaustion.
We had just a massive screaming rally for several months and now
people are waiting for more details (on proposed U.S. economic
Investors have been betting that U.S. President Donald Trump
will cut corporate taxes, spend on infrastructure and deregulate
"He has been big on the broad strokes ... but now 'the
street' is starting to run out of patience," Cieszynski said.
The energy group retreated 1.6 percent, taking losses since
the start of the year to 12 percent, as oil prices fell to
three-month lows after OPEC reported a rise in global crude
stocks and a surprise output jump from its biggest member, Saudi
Oil pipeline operators were among the biggest drags, with
Enbridge Inc falling 1.8 percent to C$54.38.
Valeant slumped nearly 10 percent to C$14.59 after
billionaire investor William Ackman walked away from the
struggling drug company after trying to rescue it for some 18
months, taking a loss of more than $3 billion.
The TSX closed down 165.21 points, or 1.06 percent, at
15,379.61, its lowest close since Dec. 30. The index also hit
its lowest intraday since Dec. 30 at 15,370.90.
Convenience store operator Alimentation Couche Tard Inc
fell 4.8 percent to C$58.85 after reporting earnings
that missed analyst estimates.
Hudson's Bay Co is in exploratory talks about
acquiring Neiman Marcus, according to people familiar with the
matter. Its shares fell 1.2 percent to C$11.75.
Nine of the index's 10 main groups ended lower.
The materials group, which includes precious and base metals
miners and fertilizer companies, lost 2.4 percent and financials
retreated 0.4 percent. Industrials declined 1.2 percent as
railroad stocks lost ground.
Gold futures fell 0.4 percent to $1,198 an ounce,
while copper prices advanced 0.4 percent to $5,820.15 a
U.S. crude oil futures settled 68 cents lower at
$47.72 a barrel.
(Additional reporting by Alastair Sharp; Editing by Bill Trott
and James Dalgleish)