Home Economics TSX slips as oil prices weigh on energy shares

TSX slips as oil prices weigh on energy shares

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Canada’s main stock index fell on Monday as a decline in U.S. crude oil prices following the impact of Tropical Storm Harvey weighed on shares of companies in the energy sector.

U.S. crude oil prices declined 1.4 percent after Tropical Storm Harvey inflicted damage along the U.S. Gulf Coast during the weekend.

In the heavily weighted energy sector, Canadian Natural Resources Ltd (CNQ.TO) fell 0.7 percent to C$38.36, and Suncor Energy Inc (SU.TO) slipped 0.3 percent to C$39.08.

Overall, the energy group shed 0.7 percent.

The financial services sector lost 0.5 percent. Royal Bank of Canada (RY.TO) was down 0.5 percent to C$92.79, and Toronto Dominion Bank (TD.TO) retreated 0.5 percent to C$64.52. The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE fell 56.66 points, or 0.38 percent, to 14,999.33. Nine of the TSX’s 10 main groups were lower.

Shares of Toromont Industries Ltd TIH.TO jumped 12.4 percent to C$50.47 after the company said it would buy privately held Hewitt Group for about C$1.02 billion ($818 million) in cash and shares to expand its network of heavy equipment dealers in eastern Canada.

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