CANADA STOCKS-Oil demand fears pull TSX lower

Mon Nov 3, 2008 4:40pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

*TSX sheds 0.4 percent, down second straight session

*Energy sector leads way down as oil tumbles below $64

*Top net loser Canadian Natural sinks 5.4 percent

(Adds closing numbers, quote details)

TORONTO, Nov 3 (Reuters) - The Toronto Stock Exchange's main index closed slightly lower on Monday as oil and gas issues retreated with the price of crude, which dropped on fears that global recession would erode demand.

Heavily-weighted stocks that helped push the key index lower included EnCana Corp (ECA.TO: Quote), down 4.5 percent at C$58.50, and Suncor Energy (SU.TO: Quote), which sank 6.2 percent at C$27.17.

Oil settled down $3.90 at $63.91 barrel on concerns that demand will continue to be curbed by economic slowdown, offsetting OPEC's move to reign in output. [ID:nSYD368172]

Also weighing on investor sentiment was weak U.S. manufacturing data [ID:nN03317969] and dismal auto sales figures [ID:nL3115304]

"Folks are just spooked by the potential duration and magnitude of the global economic recession," said Paul Taylor, chief investment officer at BMO Harris Investment Management Inc.   Continued...