Energy shares drag TSX lower for fourth straight day

TORONTO (Reuters) - Canada’s main stock index fell for the fourth straight session on Monday as the energy sector, which had been a major driver of the index’s rally since September, declined by 1.3 percent.

Businessmen pass the Toronto Stock Exchange sing in Toronto, Ontario, Canada July 6, 2017. REUTERS/Chris Helgren

Cenovus Energy Inc fell 2.5 percent to C$13.93 and Canadian Natural Resources Ltd retreated 0.9 percent to C$45.89.

Canadian Natural Resources declined as Royal Dutch Shell, which holds shares in the Canadian company, pushed ahead with its vast disposal program.

Crude oil futures, which have been supported by Middle East tensions, settled 2 cents higher at $56.76 a barrel.

The Toronto Stock Exchange’s S&P/TSX composite index closed down 13 points, or 0.08 percent, to 16,026.26, its lowest close since Nov. 3.

It touched its lowest intraday level since Nov. 3 at 15,999.10, as uncertainty over the U.S. tax legislation being considered in Congress pushed world stock markets further away from recent record highs..

Still, the TSX has rallied more than 7 percent since September. It rose last week for the ninth straight week, its longest run in more than two decades.

Five of the index’s 10 main groups ended lower on Monday.

The materials group, which includes precious and base metals miners and fertilizer companies, added 0.3 percent.

Shares of Intertape Polymer Group Inc, surged 14.3 percent to C$20.00 after the manufacturer of specialty tapes reported stronger-than-expected revenue for the third quarter.

Teck Resources Ltd climbed 1.9 percent to C$27.80, while copper, one of the metals that the company produces, advanced 1.7 percent to $6,898.5 a tonne. [MET/L]

Canada Goose Holdings Inc, which had surged last week to a record high after reporting quarterly earnings, fell 3.5 percent to C$31.81.

Financials, which account for 35 percent of the index’s weight, edged 0.1 percent higher.

Reporting by Fergal Smith; Editing by Peter Cooney and Grant McCool