CANADA STOCKS-TSX knocked down more than 1 percent as energy crumbles

Wed Aug 19, 2015 5:21pm EDT
 
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(Adds market developments, analyst's comments)

* TSX falls 157.24 points, or 1.11 percent, to 14,036.63

* Seven of the TSX's 10 main groups end lower

By Alastair Sharp

TORONTO, Aug 19 (Reuters) - A capitulation in heavyweight energy stocks pummeled Canada's main stock index on Wednesday, pushing it down 1.1 percent as crude oil prices plumbed new depths after a shock rise in U.S. stockpiles.

The energy group sank 4.3 percent, knocking it to its lowest since August 2004, in line with a similar fall in the commodity after the U.S. inventories numbers reinforced concerns about a global supply glut.

"There's quite a bit of panic in the energy sector right now," said Youssef Zohny, portfolio manager at StennerZohny Investment Partners+ of Richardson GMP Ltd.

The Toronto Stock Exchange's S&P/TSX composite index ended down 157.24 points, at 14,036.63. There were three decliners for every advancing stock.

Canadian Natural Resources Ltd, the country's largest independent petroleum producer, lost 5.6 percent to C$28.30 and Suncor Energy Inc, Canada's largest oil and gas company, fell 3.2 percent to C$35.16.   Continued...