CANADA STOCKS-TSX falls to fresh two-year-plus low as resource stocks weigh

Mon Dec 14, 2015 10:45am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX down 120.73 points, or 0.94 percent, at 12,669.22

* Energy and materials sectors lose more than 2.5 pct each

TORONTO Dec 14 (Reuters) - Canada's main stock index fell to a more than two-year low on Monday as energy and mining stocks weighed amid signs of a worsening oil glut and losses in gold and copper prices.

The energy group retreated 2.6 percent, while materials stocks fell 2.7 percent.

The two resource-related groups, which together account for more than a quarter of the index's weight, have been its worst performers this year as oil and other commodity prices slumped.

Encana Corp fell 9 percent to C$7.56 after the oil and natural gas producer slashed its dividend and cut its 2016 capital budget. Suncor Energy Inc declined 2.0 percent to C$34.52.

At 10:34 a.m. EST (1534 GMT), the Toronto Stock Exchange's S&P/TSX composite index fell 120.73 points, or 0.94 percent, to 12,669.22.

It touched its lowest level since September 2013 in the first hour of trade. It lost 4.3 percent last week.

Oil prices tumbled 4 percent, nearing an 11-year low on growing fears a global oil glut would worsen in coming months in a pricing war between leading OPEC and non-OPEC producers.   Continued...