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

Fri Oct 10, 2014 12:35pm EDT
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(Adds moves in medical marijuana companies; updates prices)
    * TSX down 126.12 points, or 0.87 percent, at 14,334.48
    * 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
    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, were among
the most influential decliners on the Toronto stock market's
benchmark TSX index.
    The index has dropped in four of the five trading sessions
this week and has shed about 8.6 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 126.12 points, or 0.87 percent, at 14,334.48.
All of the 10 main sectors on the index were in the red.
    Among energy shares, Suncor Energy Inc gave back 0.8
percent to C$37.21 and Canadian Natural Resources Ltd 
lost 0.4 percent to C$38.90. 
    Industrials shed 1.4 percent. Canadian Pacific Railway Ltd
 fell 2.1 percent to C$218.54, and Canadian National
Railway Co was down 1.6 percent to C$73.27.
    Shares in several Canadian medical marijuana companies fell
after Reuters reported that the U.S. Drug Enforcement
Administration was interested in U.S. investors of Canadian
marijuana firms. 
    OrganiGram Holdings Inc dropped 4.8 percent,
Bedrocan Cannabis Corp fell 2.8 percent, Tweed Marijuana
Inc declined 6.6 percent and Mettrum Health Corp 
slipped 5.4 percent. 
    ($1=$1.12 Canadian)

 (Editing by Peter Galloway and Chris Reese)