CANADA STOCKS-TSX drops as energy shares dive after OPEC meeting

Thu Nov 27, 2014 10:55am EST
 
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* TSX down 41.12 points, 0.27 percent, at 14,997.29

* Seven of 10 main index sectors advance

* Energy shares drop 4.8 percent

By John Tilak

TORONTO, Nov 27 (Reuters) - Canada's main stock index fell on Thursday as the outcome of an Organization of the Petroleum Exporting Countries meeting hit oil prices, weighing on shares of energy producers and offsetting gains in most of the sectors.

The OPEC meeting was the market's focus as it came after months of depressed oil prices, which have been weighed by concerns about increasing supply and sluggish demand for the commodity. The cartel did not announce the output cut investors were hoping for. Oil prices tumbled to a four-year low.

Energy shares, which are down about 29 percent since the middle of June, slumped 4.8 percent on Thursday.

"Energy shares are still vulnerable. I don't think they've shown signs of bottoming yet," said John Ing, president of Maison Placements Canada.

"This is going to drag on," he added. "The industry was hoping for higher oil prices, but it looks like prices are going to remain under pressure."   Continued...