CANADA STOCKS-TSX hit by weak global economic cues, energy shares

Mon Dec 1, 2014 11:25am EST
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* TSX down 141.38 points, or 0.96 percent, at 14,603.02

* Seven of 10 main index sectors decline

* Gold-mining shares soar with bullion price

By John Tilak

TORONTO, Dec 1 (Reuters) - Canada's main stock index dropped about 1 percent on Monday as sluggish economic data raised concerns about global growth and volatile oil prices contributed to weakness in the energy sector.

Manufacturing growth in Asia and Europe slowed in November due to weak demand, and the U.S. manufacturing sector growth hit its lowest in 10 months, separate reports showed.

Oil prices remained volatile, slipping to a five-year low before recovering. The choppiness sent shares of energy producers down 3.1 percent.

The broader Canadian benchmark has been pulled down by recent weakness in energy shares, which have lost more than one-third of their value since the middle of June.

"No one knows how far oil prices could fall," said John Ing, president of Maison Placements Canada. "We're getting the emotional reaction, we are getting the volume reaction, but we're nowhere near a bottom yet."   Continued...