(Adds portfolio manager comment, updates prices to close)
* TSX ends down 70.68 points, or 0.52 percent, at 13,482.62
* Six of the TSX's 10 main groups fall
By Alastair Sharp
TORONTO, Nov 9 (Reuters) - Canada's main stock index closed
at its weakest level in more than five weeks on Monday,
pressured by global growth concerns, sustained pressure on crude
prices, and anticipation of a December rate hike from the
Federal Reserve.
The most influential downward force was Brookfield Asset
Management Inc BAMa.TO , which declined 5.6 percent to C$43.25
after changing tack in its takeover approach for Australian port
and rail company Asciano Ltd AIO.AX . urn:newsml:reuters.com:*:nL3N1330H4
The energy group retreated 1.2 percent as oversupply weighed
on crude oil prices for a fourth straight day, with Suncor
Energy Inc SU.TO down 1.3 percent at C$38.97. O/R
Canadian Natural Resources Ltd CNQ.TO ended off 2.2
percent at C$32.93 after agreeing to sell most of its royalty
assets in a C$1.8 billion ($1.4 billion) deal, joining other oil
producers in shedding assets to weather the crude price slump.
The buyer, PrairieSky Royalty Ltd PSK.TO , advanced 0.5
percent to C$26.12.
"It's going to remain a tough environment for all these
guys," said Bryden Teich, associate portfolio manager at Avenue
Investment Management. "I think there is probably more pain to
come in Alberta over the coming months."
Pipeline companies also weighed, with their dividend yields
looking less attractive as investors increased their bets on a
Fed hike in December after Friday's solid U.S. jobs report.
Enbridge Inc ENB.TO fell 2.5 percent to C$50.44.
Six of the index's 10 main groups were in negative
territory, including the heavyweight financial sector, telecoms,
and consumer names.
The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE ended down 70.68 points, or 0.52 percent, at
13,482.62. That was its lowest close since Oct. 2.
"Global growth has been slowing, in particular in China, and
that's going to definitely keep equities in check," said Youssef
Zohny, portfolio manager at StennerZohny Investment Partners.
Declining issues outnumbered advancers by 147 to 88.