Canadian stocks ease off from year-long highs

Toronto, Aug 17 (IANS) Canada's main stock market in Toronto fell back from year-long highs as banks and energy stocks weighed on overall market.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index lost 73.58 points, or 0.50 per cent, to close at 14, 703.44 points on Tuesday, Xinhua news agency reported.

Seven of the TSX index's eight main sub-sectors were lower.

Oil prices rallied for a fourth straight session Tuesday, amid speculation that the talks of Organization of the Petroleum Exporting Countries (OPEC) next month could result in a crude output freeze.

Financials group was down 0.46 per cent as Royal Bank of Canada fell 0.27 per cent to 79.94 Canadian dollars while Toronto-Dominion Bank lost 0.44 per cent to 56.91 Canadian dollars.

On the economic beat, Statistics Canada reported that manufacturing sales rose 0.8 per cent to 50.2 billion Canadian dollars in June, following a 1.0 per cent decline in May.

The Canadian dollar traded higher at $0.7780, compared with Monday's closing rate of $0.7742.