CANADA STOCKS-Oils pull TSX down, Canadian Natural weighs

Thu Nov 6, 2008 10:03am EST
 
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* Energy issues lead index lower, oil drops below $64

* Canadian Natural falls 7 pct as project costs rise

* Rate cuts overseas fail to buoy sentiment

TORONTO, Nov 6 (Reuters) - The Toronto Stock Exchange's main index .GSPTSE fell 1.4 percent in early dealings on Thursday as energy issues led the index lower as the price of oil fell, and as interest rate cuts overseas failed to buoy sentiment.

The oil and gas sector dropped 3.5 percent as the price of oil fell below $64 a barrel after the Bank of England cut interest by an unprecedented 150 basis points. The European Central Bank and Swiss rates were also chopped on Thursday. [ID:nSYD166191]

Canadian Natural CNQ.TO dropped 7 percent to C$56.19 as its quarterly profit quadrupled on the back of higher oil prices but costs for its Horizon development project are rising. [ID:nBNG401176]

Shortly after 9:50 a.m., the S&P/TSX composite index .GSPTSE fell 140.05 points, or 1.42 percent, to 9,747.15.

"There are so many crosscurrents," said Sal Masionis, stockbroker at Brant Securities. (Reporting by Ka Yan Ng)