CANADA STOCKS-TSX hits eight-month low on U.S. data, oil price
* TSX down 106.05 points, or 0.76 percent, at 13,930.63 * Eight of 10 main index sectors decline * Energy shares follow U.S. crude oil price lower By John Tilak TORONTO, Oct 15 (Reuters) - Canada's main stock index dropped to its lowest level in eight months on Wednesday as sluggish U.S. economic data revived concerns about global growth and the price of oil remained volatile. Worries about sluggish demand for oil have sent the price of the commodity into a tailspin in the past three months. The price of U.S. crude oil was in negative territory in early trade, and shares of energy producers slipped again. The benchmark TSX has corrected itself, down about 11 percent since hitting a record high last month. A fall in U.S. retail sales in September and a drop in U.S. producer prices raised questions about the strength of the recovery in the world's biggest economy. "What's the one engine of growth you have out there? It's the United States, and now some people are starting to doubt that," said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier. "Investors are nervous," he added. "It's easy to get on board when you see a trend. The trend recently has been weakness." Nakamoto said that the Canadian market was expensive now. "The element that's missing is confidence." The Toronto Stock Exchange's S&P/TSX composite index was down 106.05 points, or 0.76 percent, at 13,930.63. Eight of the 10 main sectors on the index were in the red. Financials, the index's most heavily weighted sector, were down 1.3 percent. Bank of Montreal weakened 1.5 percent to C$79.59, and Toronto Dominion Bank fell 1.5 percent to C$51.80. Shares of energy producers lost 1.1 percent. Talisman Energy Inc shed 2 percent to C$7.32, and Suncor Energy Inc gave back 0.5 percent to C$35.93. (Editing by Nick Zieminski)
© Thomson Reuters 2016 All rights reserved.