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CANADA STOCKS-TSX falls as energy stocks slump with oil prices
July 5, 2017 / 3:01 PM / 5 months ago

CANADA STOCKS-TSX falls as energy stocks slump with oil prices

(Adds details on specific stocks, updates prices)

* TSX falls 28.32 points, or 0.19 percent, to 15,102.29

* Half of the TSX’s 10 main groups move lower

* Decliners outnumber advancers by more than 2-to-1

TORONTO, July 5 (Reuters) - Canada’s main stock index fell on Wednesday, with shares of energy companies weighing as oil prices retreated, while financial stocks and gold miners helped limit the overall losses.

At 10:25 a.m. ET (1425 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 28.32 points, or 0.19 percent, at 15,102.29.

The energy group, which accounts for one-fifth of the index’s weight, shed 2.5 percent as oil prices turned sharply lower after eight days of gains.

The most influential movers on the index included some of its biggest energy companies, with Canadian Natural Resources Ltd off 2.4 percent at C$36.61 and Suncor Energy Inc down 1.4 percent to C$37.00.

U.S. crude prices were down 3.7 percent to $45.32 a barrel, while Brent crude lost 3.1 percent to $48.05, as climbing OPEC exports and a stronger dollar weighed on sentiment.

Raymond James said it had lowered its assumptions for oil and natural gas prices in 2017 and 2018 and in turn downgraded shares of a string of Canadian producers, including Cenovus Energy Inc, which declined 5.7 percent to C$9.09, and MEG Energy Corp, which lost 8.9 percent to C$3.47.

Regional airline operator Exchange Income Corp was down 6.4 percent at C$30.55 after being targeted by a short-seller who said it does not generate enough cash to pay the dividends it provides investors. The company said it strenuously disagreed with a number of statements, assumptions and opinions in the report.

The materials group, which includes precious and base metals miners and fertilizer companies, added 0.7 percent, with gold miners bouncing after a recent trend lower, even as bullion held steady near its lowest in eight weeks.

Barrick Gold Corp advanced 3.2 percent to C$20.66 and Goldcorp Inc added 2.6 percent to C$16.62.

The financials group gained 0.3 percent, with insurer Manulife Financial Corp up 0.9 percent at C$24.40.

Half of the index’s 10 main groups were in negative territory, although decliners were outnumbering advancers by more than 2-to-1 overall. (Reporting by Alastair Sharp; Editing by Jonathan Oatis)

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