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CANADA STOCKS-Energy stocks lead broad declines, miners buck trend

Published 2017-01-23, 10:39 a/m
CANADA STOCKS-Energy stocks lead broad declines, miners buck trend
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BARC
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TECK
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CL
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GOLD
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BHC
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HBM
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(Adds details on specific stocks, updates prices)

* TSX down 49.07 points, or 0.32 percent, at 15,498.81

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

TORONTO, Jan 23 (Reuters) - Canada's main stock index fell on Monday as energy companies retreated along with lower oil prices, while mining shares bucked a broadly weaker trend on higher metal prices.

At 10:21 a.m. ET (1521 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 49.07 points, or 0.32 percent, at 15,498.81.

Nine of the index's 10 main groups were in negative territory, and decliners outnumbered gainers by 3-to-2 overall.

The materials group, which includes precious and base metals miners and fertilizer companies, added 0.8 percent, as copper rose in part on hopes that U.S. President Donald Trump's incoming administration would make good on a pledge to boost infrastructure spending in the world's largest economy.

In his inauguration speech on Friday, Trump said his administration would "build new roads, and highways, and bridges, and airports, and tunnels, and railways all across our wonderful nation." Resources Ltd TECKb.TO advanced 2.2 percent to C$32.11 and Hudbay Minerals Inc HBM.TO rose 2.9 percent to C$9.47.

Uncertainty about Trump's economic policies also boosted gold to its highest in two months, and Canada-listed gold miners rose. Barrick Gold Corp ABX.TO advanced 1.4 percent to C$23.13.

The energy group retreated 1.5 percent, as signs of a strong recovery in U.S. drilling activity outweighed news that OPEC and non-OPEC producers were on track to meet output reduction goals set in December. O/R

The most influential weights on the index included Canadian Natural Resources Ltd CNQ.TO , which fell 1.6 percent to C$40.30, and Suncor Energy Inc SU.TO , down 1 percent to C$41.85. Cenovus Energy Inc CVE.TO declined 2.5 percent to C$18.97.

Peyto Exploration & Development PEY.TO fell 5.4 percent to C$28.31 after Barclays (LON:BARC) cut its target price and downgraded its view on the stock.

Industrial and consumer groups fell 0.6 percent and the healthcare group lost 0.8 percent as Valeant Pharmaceuticals International Inc (NYSE:VRX) VRX.TO shed 4.2 percent to C$18.82.

U.S. crude CLc1 prices were down 1.1 percent to $52.64 a barrel, while Brent LCOc1 lost 0.7 percent to $55.08. O/R

Gold futures GCc1 rose 0.5 percent to $1,210 an ounce and copper prices CMCU3 advanced 0.8 percent to $5,794.5 a tonne. GOL/ MET/L

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