CANADA STOCKS-OPEC meeting in focus as energy shares drag TSX down

Wed Nov 26, 2014 4:57pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX down 35.24 points, or 0.23 percent, at 15,038.41

* Eight of 10 main index sectors advance

* Energy, mining shares fall with commodity prices (Adds comment; updates prices)

By John Tilak

TORONTO, Nov 26 (Reuters) - Canada's main stock index fell on Wednesday as the shares of energy producers dropped with oil prices, with investors looking ahead to the outcome of an Organization of the Petroleum Exporting Countries meeting later this week.

The meeting is significant as it comes after months of volatility in the price of oil, which has plummeted over concerns about an imbalance in the commodity's supply and demand.

Investors hopeful of a big supply cut were dealt a blow as OPEC leader Saudi Arabia and fellow member the United Arab Emirates indicated they were unlikely to push for a major change in oil output at the meeting.

The energy sector, which has lost about a quarter of its value since the middle of June, remained under pressure.

"The markets are skittish. The concern is that the OPEC guys are not stepping in to curtail production and put a floor under the oil price," said Paul Taylor, chief investment officer at BMO Asset Management.   Continued...