(Adds portfolio manager quotes, details on Enbridge , Magna,
materials stocks, updates prices)
* TSX closed down 78.01 points, or 0.56 percent, at
13,795.99 points
* Eight of the TSX's 10 main groups ended lower
By Fergal Smith
TORONTO, April 25 (Reuters) - Canada's main stock index fell
on Monday as lower oil prices weighed on energy stocks, while
most other sectors also lost ground as risk appetite declined.
The index has rallied nearly 20 percent since January but
has been unable to climb back above the 14,000 threshold.
"Corporate earnings have to get better for this market to go
to the next level" said Allan Small, senior investment adviser
at HollisWealth.
The energy group fell 1.5 percent, pressured by lower oil
prices. U.S. crude CLc1 prices settled more than $1 lower at
$42.64 a barrel after data pointed to fresh U.S. crude builds.
Enbridge Inc ENB.TO fell 1.5 percent to C$53.05. Canadian
regulators recommended the federal government approve the
company's Line 3 pipeline replacement project, but imposed 89
project-specific conditions aimed at enhancing safety and
environmental protection.
Shares of Precision Drilling Corp PD.TO fell 5.5 percent
to C$5.67. The rig contractor posted a first-quarter loss,
compared with a profit a year earlier, hurt by lower demand for
rigs amid a prolonged slump in oil prices.
The lower oil price weighed on risk appetite, dragging other
sectors lower, including financials as investors worried about
the exposure of banks to energy loans, said Small.
Toronto-Dominion Bank TD.TO fell 0.9 percent to C$55.67,
while Bank of Nova Scotia BNS.TO was down 0.6 percent at
C$64.93. The overall financials group declined 0.4 percent.
The industrials group fell 1.1 percent, including losses for
railway stocks, while the materials group, which includes
precious and base metals miners and fertilizer companies, fell
0.9 percent.
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE closed down 78.01 points, or 0.56 percent, at
13,795.99. Eight of the index's 10 main groups ended lower.
Shares of Valeant Pharmaceuticals International Inc (NYSE:VRX) VRX.TO
turned lower to end down 1.6 percent at C$44.85. The company
named Joseph Papa as its chief executive officer, the day after
he resigned from the top spot at drugmaker Perrigo Co (NYSE:PRGO) Plc
PRGO.N .
In contrast, Bombardier Inc BBDb.TO rallied 5.3 percent to
C$1.80. The company faces a pivotal week that may see a major
deal announced with Delta Air Lines Inc (NYSE:DAL) DAL.N , but a federal
aid package is unlikely to be approved in time for its annual
meeting on Friday.
The consumer discretionary group was the only group to rise,
ending up 0.5 percent. It included an 0.8 percent gain for Magna
International Inc MG.TO to C$54.85.
The utilities group was unchanged.