(Adds strategist comment, updates prices to close)
* TSX ends down 60.08 points, or 0.40 percent, at 15,015.36
* Eight of the TSX's 10 main groups finish lower
By Alastair Sharp
TORONTO, Nov 28 Canada's main stock index ended
lower on Monday as energy stocks fell despite higher oil prices
and as insurers lost ground with a pullback in bond yields,
offsetting gains for gold miners as the precious metal bounced
off a recent low.
Energy stocks fell 2 percent, even as crude prices gained in
volatile trade ahead of Wednesday's OPEC meeting meant to cement
a deal to help curb a global glut that has more than halved
prices since 2014.
"I think it's going to be difficult for some smooth,
coordinated agreement to be put in place right away," said Craig
Fehr, Canadian market strategist at Edward Jones.
The Toronto Stock Exchange's S&P/TSX composite index
ended down 60.08 points, or 0.40 percent, at
15,015.36. Eight of its 10 main sectors fell.
Last week, the index advanced 1.4 percent, extending its
rally since the U.S. election.
Financials fell 0.7 percent as bond yields declined and
investors awaited fourth-quarter results this week from some of
Canada's major banks.
Sun Life Financial Inc fell 2.6 percent to C$51.67
and fellow insurer Manulife Financial Corp also lost
2.6 percent, to C$22.93.
"Some of this is just letting some of that enthusiasm out of
the bond market," Fehr said.
The recent surge in bond yields had supported the financial
sector. Higher bond yields reduce the value of insurance
companies' liabilities and increase net interest margins of
Fehr added that Canadian banks are facing headwinds
including a persistently low Canadian interest rate outlook and
a slowing housing market that may make them less attractive
investments than U.S. peers.
Toronto-Dominion Bank lost 0.6 percent to C$63.93
and Royal Bank of Canada slipped 0.5 percent to C$89.27.
The materials group, which includes precious and base metals
miners and fertilizer companies, added 1.8 percent, with Barrick
Gold Corp jumping 3.4 percent to C$20.69.
Zinc soared to a nine-year high and lead hit a five-year
peak as reports of more infrastructure investment in China and
signs of strong property investment in the world's top metals
user sparked heavy buying.
(Additional reporting by Fergal Smith; Editing by Bernadette
Baum and Meredith Mazzilli)