CANADA STOCKS-TSX hits four-week low on global growth concerns

Wed Jan 14, 2015 11:00am EST
 
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* TSX down 150.67 points, or 1.1 percent, at 14,036.49

* Eight of the 10 main index sectors decline

* First Quantum, Teck drop with copper price

By John Tilak

TORONTO, Jan 14 (Reuters) - Canada's main stock index dropped to its lowest in four weeks on Wednesday after the World Bank cut its global economic growth forecasts for this year and next, weighing on shares of most major sectors.

The World Bank said it lowered its projections due to disappointing economic prospects in the euro zone, Japan and some major emerging economies.

Some mining shares were also hit hard by a dive in copper prices. First Quantum Minerals Ltd shed 14 percent to C$11.58 and Teck Resources Ltd tumbled 10.9 percent to C$13.06. The two stocks were among the most influential decliners on the index.

The Toronto stock market's benchmark TSX index has declined in each of the last four sessions and is down about 4 percent since the start of the year.

"The technical picture has worsened. The (Canadian) market can continue to work lower in the near term," said Fergal Smith, managing market strategist at Action Economics.   Continued...