TSX falls most in month as energy stocks slump
By Alastair Sharp
TORONTO (Reuters) - Canada's main stock index suffered its biggest one-day fall in more than a month on Tuesday, with energy stocks slumping 2.4 percent as fears of an oil supply glut haunted investors.
Oil prices turned lower, dragging U.S. crude CLc1 below $40 a barrel on persistent worries of a glut after peaking above $50 in early June.
"That definitely weighs on sentiment, especially where Canadian investors are concerned," said Elvis Picardo, strategist at Global Securities in Vancouver.
Energy stocks accounts for almost one-fifth of the index's weight.
The most influential drags included major oil and gas producers Suncor Energy Inc (SU.TO: Quote), which fell 3.1 percent to C$34.06, Cenovus Energy (CVE.TO: Quote), which lost 4 percent to C$17.95, and Canadian Natural Resources Ltd (CNQ.TO: Quote), down 1.9 percent at C$38.79.
Pipeline operator Enbridge Inc (ENB.TO: Quote), which a source said had won an auction to invest in one of Europe's largest offshore wind power projects, lost 1.4 percent to C$52.94.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended down 105.73 points, or 0.73 percent, at 14,477.01.
That was its sharpest fall since June 27. Continued...