CANADA STOCKS-TSX closes at five-week low as energy, BlackBerry slump

Mon Mar 9, 2015 4:41pm EDT
 
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* TSX down 98.01 points, or 0.66 percent, at 14,854.49

* Six of 10 main index sectors decline

* BlackBerry drops more than 7 pct after Goldman downgrade

By John Tilak

TORONTO, March 9 (Reuters) - Canada's main stock index hit its lowest level in five weeks on Monday, as energy shares fell with weaker Brent oil prices and smartphone maker BlackBerry Ltd dropped after a downgrade by Goldman Sachs.

BlackBerry shed 7.4 percent to end at C$12.44, and the energy sector dropped 2.4 percent on continued weakness in crude prices on concerns about oversupply.

The Toronto Stock Exchange's S&P/TSX composite index settled down 98.01 points, or 0.66 percent, at 14,854.49, its weakest level since Feb. 2. Six of the 10 main sectors on the index were in the red.

Monday's decline in Canadian stocks followed a selloff on Friday, when a robust U.S. jobs report stoked concerns that the U.S. Federal Reserve might raise interest rates sooner than expected.

"The market is going through a pause. It's likely that oil could go lower one level from here," said Douglas Davis, vice chairman at Davis-Rea.   Continued...