CANADA STOCKS-TSX sees its weakest close in more than two years

Fri Dec 11, 2015 4:53pm EST
 
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(Adds portfolio manager quotes, details, updates prices)

* TSX down 226.64 points, or 1.74 percent, at 12,789.95

* All of the TSX's 10 main groups fall; energy stocks down 3.3 pct

* Index fell 4.3 percent over the week

By Fergal Smith

TORONTO, Dec 11 (Reuters) - Canada's main stock index saw renewed selling pressure on Friday following a two-day respite, recording its weakest close in more than two years, including deep losses for financial and energy stocks as crude oil prices hit fresh lows.

The selling has been "self perpetuating," according to Barry Schwartz, vice president and portfolio manager at Baskin Financial Services, adding that "we have concerns about oil and high yield"

Oil prices extended their freefall, flirting with 11-year lows, after the International Energy Agency (IEA) warned that global oversupply of crude could worsen next year.

U.S. crude prices settled at $35.62 a barrel, down 3.1 percent, while Brent crude lost 5.1 percent to $37.71.   Continued...