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Roundup: Canadian stock market extends loses on weak oil, Greece concern

Xinhua, June 27, 2015 Adjust font size:

Canada's main stock market in Toronto continued retreat on Friday, as falling oil prices and unfolding Greece debt drama weighed on market sentiments.

Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index tumbled 89.41 points or 0.6 percent to 14,808.09 points, with all the eight major sectors in the losing streak.

Energy shed 1.04 percent as oil price edged down on worries about the global oversupply.

With profits of the oil patch in Canada hurt by lower oil prices, oil and gas companies lost ground. Encana Corp. dropped 2. 81 percent to 13.84 Canadian dollars (about 11.24 U.S. dollars), one day after the Calgary-based company warned of cutting more jobs in its upcoming restructuring plan. Suncor Energy Inc. also shed 0.55 percent to 34.37 Canadian dollars per share.

Meanwhile, investors eyed on the progress of the debt talks between Greece and its creditors as Athen is stumbling toward the June 30 deadline of making a 1.5 billion euro(1.7 billion U.S. dollars) debt payment to the International Monetary Fund.

"Equity markets were elated early in the week as a deal appeared imminent, only to be disappointed once again with the lack of progress that has persistently plagued the negotiations," said Michael Dolega, a senior economist from TD Bank, in a report on Friday.

The stronger greenback also weighed on oil prices this week, he said.

Financials, the most heavily weighed sector, was down 0.02 percent with the insurance company Manulife Financial Corporation dropping 0.29 percent to 23.88 Canadian dollars.

Utilities, the biggest loser in TSX on Friday, shrank 2.12 percent when the gas and electricity distributor Fortis Inc. dived 2.5 percent to 35.55 Canadian dollars.

Metals and mining lost 0.75 percent and industrials declined 0. 57 percent.

On the currency front, although the U.S. dollar was supported by a slate of positive economic reports this week, the Canadian dollar Friday inched higher to 0.8120 U.S. dollar, compared with 0. 8115 U.S. dollar on Thursday. Endite