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CANADA STOCKS-TSX stumbles more than 1 percent as banks, energy lead losses
June 8, 2015 / 3:22 PM / 2 years ago

CANADA STOCKS-TSX stumbles more than 1 percent as banks, energy lead losses

(Updates market prices, addds analyst comment)))

* TSX down 160.44 points, or 1.07 percent, at 14,796.72

* All 10 of the index's main sectors were lower

By Solarina Ho

TORONTO, June 8 (Reuters) - Canada's main stock index fell for the third straight session, giving back more than 1 percent on Monday, with across-the-board declines led by resource and financial stocks.

With little domestic news to drive direction, investors appeared to take their cues from global markets.

German government bonds weighed on European stock markets, while concerns over a slowdown in China, the world's second largest economy, pressured Asian shares earlier.

U.S. stocks were moderately lower as well on prospects of the Federal Reserve hiking interest rates as early as September following Friday's strong U.S. jobs data.

Energy stocks retreated 1.1 percent as crude prices, pinched by a slide in Chinese fuel imports and OPEC's decision to keep its production target, fell some one percent.

Enbridge Inc was the top-weighted decliner, falling 2.95 percent to C$56.65. Transcanada Corp was another top 10 loser, declining 1.7 percent to C$50.68.

At 11:01 a.m. EDT (1501 GMT), the Toronto Stock Exchange's S&P/TSX composite index fell 160.44 points, or 1.07 percent, to 14,796.72.

All of the index's 10 main groups were in negative territory. Declining issues outnumbered advancing ones on the TSX by 207 to 37, for a 5.59-to-1 ratio on the downside. The index posted seven new 52-week lows.

"The market has been quite volatile. It can be up 100 and something points a day, and down 100 and something points a day. I see no significant factor out there," said David Cockfield, managing director and portfolio manager at Northland Wealth Management, noting that volumes were also somewhat soft.

"You often find that if people are going to be sellers, they'll pick on the financials, because they're easy to sell."

Financial stocks slumped 0.9 percent, with Royal Bank of Canada falling 1.03 percent to C$78.76, and Toronto-Dominion Bank sliding 1.1 percent to C$53.77.

Materials stocks were equally soft, down 0.9 percent. The sector, along with financials and energy, make up roughly two-thirds of the TSX's weight. (Reporting by Solarina Ho Editing by W Simon)

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