* TSX down 62.32 points, or 0.4 percent, to 15,622.57
* Seven of TSX's 10 main groups down
By Solarina Ho
TORONTO, April 18 Canada's benchmark stock index
fell on Tuesday, mirroring U.S. market sentiment, with energy
stocks leading declines as the price of crude oil fell.
Investor worries about the French presidential election this
coming weekend, possible U.S. military action against North
Korea and a snap British election set for June weighed on global
markets. Some disappointing quarterly results and uncertainty
over fiscal promises by U.S. President Donald Trump added to
pressure on Wall Street.
The Toronto Stock Exchange's S&P/TSX composite index
closed down 62.32 points, or 0.4 percent, to finish at
15,622.57. Seven of the index's 10 main groups lost ground.
"That seems to be driven by the delay in any kind of tax
reform ...The reflation trades in the U.S. are spilling over
into Canada," said Noman Ali, senior portfolio manager at
Manulife Asset Management.
The Trump administration's failure to pass a healthcare
reform bill has raised concerns that it may struggle to pass
highly anticipated tax cuts and infrastructure spending bills.
"There's a big cyclical component within the Canadian index.
If inflation expectations are coming down, that's not good for
cyclicals generally," said Ali.
Energy stocks, which make up nearly 22 percent of the
index's weight, retreated 0.9 percent.
The most influential movers on the index included Canadian
Natural Resources, which fell 1.6 percent to C$44.21,
and Enbridge Inc, which declined 0.6 percent to
C$56.42. U.S. crude prices settled down 0.46 percent at
$52.41 a barrel, while Brent crude settled down 0.85
percent at $54.89.
"Energy has been a drag in Canada, mainly on concerns around
increased U.S. production out of the U.S. shale names and some
uncertainty around the OPEC decision in May," said Ali.
Financials, which account for just over a third of the
index's weight, slipped 0.5 percent. Royal Bank of Canada
dipped 0.5 percent to C$95.43, while Bank of Nova Scotia
was off 0.7 percent to C$76.61.
Miners and other resources companies lost 0.5 percent. Teck
Resources Ltd fell 3.4 percent to C$28.8 and First
Quantum Minerals Ltd gave up 4.1 percent to C$13.47.
Rogers Communications Inc reported a 27.8 percent
increase in quarterly profit, as it signed up more postpaid
wireless and internet customers. Rogers' shares rose 0.7 percent
to C$61.42 ahead of results, which came after markets closed.
Declining issues outnumbered advancing ones on the TSX by
140 to 106, for a 1.32-to-1 ratio on the downside.
The index posted 12 new 52-week highs and two new lows.
(Reporting by Solarina Ho; Editing by Leslie Adler)