(Adds analyst quotes, details on energy, financial and
industrial stocks, updates prices)
* TSX closes down 82.19 points, or 0.64 percent, at
12,763.44
* Five of 10 main sectors fall
By Fergal Smith
TORONTO, Feb 23 (Reuters) - Canada's main stock index fell
on Tuesday as lower crude oil prices weighed on energy stocks,
while financials reversed course after being lifted in earlier
trade by better-than-expected Bank of Montreal earnings.
The index touched a seven-week high on Monday together with
gains for many major stock markets. But the rally in global
stocks ran out of steam as crude oil prices fell.
"We are still working through a base building process for
world markets," said Colin Cieszynski, senior market analyst at
CMC Markets Canada.
It has led to "choppy trading" where markets can't sustain
momentum in either direction, he added.
The index retreated less than U.S. markets, cushioned by
strengthening in the shares of gold miners as spot gold XAU=
rallied nearly 1.3 percent.
It has fallen 1.9 percent year-to-date compared with a 6
percent drop for the S&P 500 .SPX .
The energy group fell 3.6 percent. It included a 3.4 percent
drop in the shares of major oil sands operator Suncor Energy Inc
SU.TO to $32.73, while Canadian Natural Resources Ltd CNQ.TO
fell 4.5 percent to C$27.55.
U.S. crude CLc1 prices settled at $31.87 a barrel, down
4.55 percent after Saudi Oil Minister Ali Al-Naimi ruled out any
production cuts. O/R
The overall financials group fell 0.9 percent, including a
5.7 percent slide in the shares of Fairfax Financial Holdings
Ltd FFH.TO to C$721.72.
Bank of Montreal BMO.TO shares dipped 0.3 percent to
C$73.68 even as it posted higher quarterly profits, boosted by
growth in its U.S. retail banking business.
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE closed down 82.19 points, or 0.64 percent, at
12,763.44. Five of the index's 10 main groups ended lower.
The industrials group also dragged, falling 1.1 percent. It
included a 3.5 percent drop in the shares of Canadian Pacific
Railway Ltd CP.TO to C$168.33.
Among the most influential gainers was Valeant
Pharmaceuticals International Inc VRX.TO , which rose 5.0
percent to C$109.40 following a two-day selloff.
The company said it would restate results for 2014 and 2015
after identifying some sales to drug distributor Philidor Rx
Services that should have been recognized only when the drugs
were dispensed to patients.
The materials group, which includes precious and base metals
miners and fertilizer companies, added 0.9 percent, as investors
bought bullion-related assets. GOL/
Barrick Gold Corp ABX.TO jumped 6.2 percent to C$18.63 and
Goldcorp Inc G.TO rose 2.7 percent to C$21.26.