CANADA STOCKS-TSX dives on global growth worries, railways tumble

Fri Oct 10, 2014 11:19am EDT
 
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* TSX down 208.11 points, or 1.44 percent, at 14,252.59
    * All 10 main index sectors fall
    * CP Rail, CN Rail among biggest decliners

    By John Tilak
    TORONTO, Oct 10 (Reuters) - Canada's main stock index fell
hard on Friday as investors fretted about the state of the
global economy, sending shares in every major market sector
lower.
    As investors focus on the prospects for the global economy,
sluggish data from Germany and a bearish forecast from the
International Monetary Fund are raising red flags. Concerns
about global growth often have a severe impact on the
export-oriented Canadian market and its commodity sectors.
     Shares of energy producers, which have been under pressure
for the past three months as oil prices have fallen, tumbled 2.4
percent on Friday and had the biggest negative influence on the
Toronto stock market's benchmark TSX index, which appeared
headed for its biggest single-day percentage fall in more than a
year.
    The index has dropped in four of the five trading sessions
this week and has shed about 9 percent since reaching a record
high last month.
    "We're into a very choppy phase for the market where we'll
see more volatility," said Colin Cieszynski, chief market
strategist at CMC Markets Canada. "I think the correction will
continue for some time."
    "Canada is getting dragged by the pullback in commodity
prices," he added.
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 208.11 points, or 1.44 percent, at 14,252.59.
All of the 10 main sectors on the index were in the red.
    Among energy shares, Suncor Energy Inc gave back 2.3
percent to C$36.66 and Canadian Natural Resources Ltd 
lost 1.8 percent to C$38.37. 
    Industrials shed 2.4 percent. Canadian Pacific Railway Ltd
 plunged 8.6 percent to C$203.67, and Canadian National
Railway Co was down 3.8 percent to C$71.70.
    ($1=$1.12 Canadian)

 (Editing by Peter Galloway)