(Updates throughout with market reaction, details)
* TSX down 87.53 points, or 0.66 percent, to 13,219.43
* Eight of the TSX's 10 main groups fall
TORONTO, Oct 1 (Reuters) - Canada's main stock index fell on
Thursday, as an early rally among oil and gas names quickly lost
steam and trading moves mirrored equity losses on Wall Street.
The TSX had capped off a volatile third quarter in the
previous session with a 2 percent rise and looked set to extend
those gains, but the moves were short lived. Investor sentiment
remained cautious over China's economic growth and the timing of
an interest rate hike by the Federal Reserve.
At 11:43 a.m. EDT (1543 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was down 87.53 points, or 0.66
percent, to 13,219.43.
Of the index's 10 main groups, eight were mired in negative
territory, with declining issues outnumbering advancing ones on
the TSX by 163 to 77, for a 2.12-to-1 ratio on the downside.
Valeant Pharmaceuticals (NYSE:VRX) International VRX.TO shares, which
have been badly bruised over the last 1-1/2 weeks due to
accusations of drug price gouging, was the biggest drag on the
index, sinking 3.1 percent to C$230.77. The overall healthcare
group, however, eked out a 0.8 percent win.
Potash Corp POT.TO shares followed, stumbling 3.5 percent
to C$26.46, while the overall materials group, home to resource
and mining firms, retreated 1.8 percent.
Energy stocks swung between positive and negative territory
throughout morning trading. Imperial Oil Ltd IMO.TO fell 1.4
percent to C$41.69 while Encana Corp ECA.TO rallied 3.4
percent to C$8.88.
In corporate news, Bombardier Inc BBDb.TO shares fell 3.6
percent to C$1.61 after the struggling plane and train maker
said it was exploring the sale of a stake in any of its business
units, not just rail, to ensure it can finish its much delayed
CSeries jet. ID:nL1N12026R
SNC Lavalin Group SNC.TO stock was up 2.1 percent to
C$38.78. The engineering and construction company settled with
the African Development Bank Group after allegations that former
employees had ordered illicit payments to secure contracts for
projects in the region. ID:nL1N1210S1