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CANADA STOCKS-TSX slides as financial, energy stocks lead broad retreat
June 15, 2017 / 3:11 PM / in 6 months

CANADA STOCKS-TSX slides as financial, energy stocks lead broad retreat

* TSX down 69.15 points, or 0.46 percent, to 15,100.98

* All 10 of the TSX’s main groups were down

* Financial stocks fall 0.5 percent, energy stocks fall 1.2 percent

TORONTO, June 15 (Reuters) - Canada’s main stock index fell on Thursday, tracking global markets that fell on concerns over the pace of economic growth, as bank stocks led broad declines and energy stocks were squeezed by oil prices that hit six-week lows.

Financial stocks, which account for roughly a third of the index’s weight, slipped 0.5 percent. Brookfield Asset Management fell 1.2 percent to C$50.05 and was among the most influential decliners. Royal Bank of Canada was also a key index mover, despite seeing only a modest 0.6 percent fall to C$92.82.

Alternative lender Home Capital Group was one of the few bright spots that offset some of the group’s declines. Shares rose 12.9 percent to C$13.70 after the company reported late on Wednesday it had reached a settlement agreement with the Ontario Securities Regulator accepting responsibility for misleading investors about problems with its mortgage underwriting procedures. Shares surged as much as 19.3 percent to C$14.47 in early trading.

At 10:53 a.m. ET (1453 GMT), the Toronto Stock Exchange’s S&P/TSX composite index fell 89.01 points, or 0.59 percent, to 15,081.12. All 10 of the index’s main groups lost ground.

The influential energy group, which had see-sawed between gains and losses in morning trading, retreated 1.2 percent, as oil prices touched a six-week low. The commodity was pressured by high global inventories and doubts over OPEC’s ability to implement production cuts as promised. U.S. crude prices were down 0.6 percent to $44.45 a barrel.

Canadian Natural Resources fell 1.9 percent to C$36.65, while Cenovus Energy lost 2.7 percent to C$10.66.

The materials group, which includes miners, fertilizer and lumber companies, lost 1.0 percent as metal prices, including copper and gold, fell. Barrick Gold retreated 1.5 percent to C$20.775.

Technology stocks were down nearly 1 percent, mirroring U.S. tech shares, which fell on worries over stretched valuations.

Declining issues outnumbered advancing ones on the TSX by 177 to 65, for a 2.72-to-1 ratio on the downside. (Reporting by Solarina Ho; Editing by Frances Kerry)

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