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CANADA STOCKS-TSX down over 1 pct as oil price fall weighs on energy stocks

Published 2016-09-13, 10:27 a/m
© Reuters.  CANADA STOCKS-TSX down over 1 pct as oil price fall weighs on energy stocks
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* TSX down 157.16 points, or 1.08 percent, at 14,439.98

* All of the TSX's 10 main groups fall

TORONTO, Sept 13 (Reuters) - Canada's main stock index fell more than 1 percent on Tuesday as slumping oil prices weighed on energy shares and heavyweight banking and mining stocks also lost ground.

Pipeline companies were among the biggest drags, with Enbridge Inc ENB.TO falling 1.3 percent to C$58.02 and TransCanada Corp TRP.TO down 0.8 percent to C$61.07.

Major energy producers also retreated, with Canadian Natural Resources Ltd CNQ.TO off 1.7 percent to C$39.62 and Suncor Energy Inc SU.TO declining 1.1 percent to C$34.54.

Overall, the energy group lost 1.5 percent as oil prices weakened on gloomy outlooks for crude consumption.

The International Energy Agency (IEA) on Tuesday said a sharp slowdown in global oil demand growth, coupled with ballooning inventories and rising supply, means the crude market will be oversupplied at least through the first six months of 2017. IEA/M

That followed a surprisingly bearish outlook from OPEC on Monday. OPEC/M

The financials group fell 1 percent, with Royal Bank of Canada RY.TO down 0.9 percent to C$79.96 and Bank of Nova Scotia BNS.TO declining 1.3 percent to C$68.74.

At 9:50 a.m. EDT (1350 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 157.16 points, or 1.08 percent, at 14,439.98.

All of the index's 10 main groups were in negative territory, with 10 decliners for every gainer.

Open Text Corp OTC.TO added to a sharp gain in the previous session after agreeing to buy assets from a rival, advanced 1.3 percent to C$86.09.

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Industrials fell 0.5 percent, while the materials group, which includes precious and base metals miners and fertilizer companies, lost 1.5 percent.

Agrium Inc AGU.TO and Potash Corp POT.TO posted a second straight day of losses after the pair agreed to combine to navigate a severe industry slump by boosting efficiency and cutting costs, but the new company's potential pricing power may attract tough regulatory scrutiny. was down 2.3 percent at C$118.27 and Potash Corp lost 1.7 percent to C$21.45.

U.S. crude CLc1 prices were down 1.5 percent to $45.61 a barrel, while Brent crude LCOc1 lost 0.9 percent to $47.87.

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