September 5, 2017 / 2:46 PM / 2 months ago

CANADA STOCKS-TSX falls as financials lead retreat

(Adds details on specific stocks, updates prices)

* TSX down 83.95 points, or 0.55 percent, at 15,107.65

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

TORONTO, Sept 5 (Reuters) - Canada’s main stock index lost ground on Tuesday in a broad retreat led by financial stocks as bond yields fell, while gold miners gained and energy stocks perked up with a surge in oil prices and news of a deal in Alberta’s oil patch.

The financials group lost 0.9 percent, following U.S. banks lower as investors flocked into low-risk government debt after markets opened for the first time since North Korea’s biggest nuclear missile test yet.

The most influential movers on the Canadian index included Royal Bank of Canada, which fell 1.1 percent to C$91.10, and insurer Manulife Financial Corp, down 1.5 percent to C$24.27.

At 10:27 a.m. ET (1427 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 83.95 points, or 0.55 percent, at 15,107.65.

Cenovus Energy jumped 4.1 percent to C$10.36 after the oil company said it would sell its Pelican Lake operations in Alberta for C$975 million. The buyer, Canadian Natural Resources, added 0.7 percent to C$39.02.

The energy group climbed 0.3 percent, as oil prices surged with the resumption of refinery activity in the Gulf of Mexico stoking demand.

The other nine of the index’s 10 main groups were in negative territory, although decliners were only outnumbering advancers by a 1.3-to-1 ratio overall.

Industrials fell 0.9 percent and consumer discretionary stocks were also off 0.9 percent.

Hudson’s Bay Co fell 1.2 percent to C$11.95. The CEO of the company, due to report earnings after the bell, told Reuters its commitment to Europe is “rock solid” as it opened the first of 10 department stores in the Netherlands in the face of pressure from activist investor Jonathan Litt.

Teck Resources Ltd declined 6.1 percent to C$29.64. The diversified miner has risen steadily from a trough below C$20 in mid-June as copper prices have lifted off.

Other base metal miners also pulled back, with First Quantum Minerals Ltd down 3.2 percent to C$14.75 and Lundin Mining Corp off 2.4 percent at C$9.49.

The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.3 percent as gold miners tempered the overall losses with the precious metal trading near its highest price in a year.

Kinross Gold Corp added 2.6 percent to C$5.70 and New Gold Inc jumped 4.5 percent to C$4.82. (Reporting by Alastair Sharp; Editing by Nick Zieminski)

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