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CANADA STOCKS-TSX falls in broad retreat led by energy stocks
January 9, 2017 / 5:21 PM / in a year

CANADA STOCKS-TSX falls in broad retreat led by energy stocks

(Adds details on specific stocks, updates prices)

* TSX down 106.7 points, or 0.69 percent, at 15,389.35

* Two decliners for every gainer

TORONTO, Jan 9 (Reuters) - Canada’s main stock index fell in morning trading on Monday, led by a retreat among energy stocks as oil prices lost ground, while financial, consumer, telecom and industrial stocks also weighed.

At 10:31 a.m. EST (1531 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 106.7 points, or 0.69 percent, at 15,389.35. There were two decliners for every gainer.

Among the most influential movers on the index were some of its biggest oil and gas producers and major financial stocks.

The energy group retreated 2 percent, while financials slipped 0.7 percent.

Suncor Energy Inc lost 1.3 percent to C$43.52, and Canadian Natural Resources Ltd fell 2.4 percent to C$42.12 as oil prices fell more than 2 percent.

Signs of growing U.S. production outweighed optimism that many other oil producers, including Russia, were sticking to a deal to cut supplies to bolster the market.

Seven Generations Energy fell 7 percent to C$27.67 after reporting lower-than-expected production in the fourth quarter.

Royal Bank of Canada fell 0.5 percent to C$92.27, and Manulife Financial Corp was down 1 percent at C$24.10.

Gold miners were among the biggest gainers, as bullion prices firmed. Barrick Gold Corp added 1.3 percent to C$22.66, and Yamana Gold Inc was up 2.8 percent at C$4.19.

Quebecor Inc rose 2.7 percent to C$38.40 after RBC upgraded the telecom, cable and media company’s stock to a “top pick.”

RBC also raised its view on exchange operator TMX Group Ltd , while downgrading telecom companies Rogers Communications Inc and BCE Inc as well as mortgage lender Home Capital Group Inc.

TMX advanced 2.9 percent to C$75.20, Rogers declined 1.2 percent to C$51.56, BCE lost 1.2 percent to C$57.88, and Home Capital shed 5.3 percent to C$29.62.

Canadian companies are more optimistic about future sales as demand picks up, and they plan to boost investment and hiring to keep pace, but businesses are uncertain about U.S. protectionism, and signs of substantial labor market slack exist, the Bank of Canada said on Monday. (Reporting by Alastair Sharp; Editing by Lisa Von Ahn)

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