CANADA STOCKS-TSX falls as oil price drops, Nexen down

Fri Nov 28, 2008 10:14am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

* Energy sector drops in line with oil below $53

* Nexen falls more than 15 percent

* Cameco off 2.5 pct, suspends uranium hexafluoride output

TORONTO, Nov 28 (Reuters) - The Toronto Stock Exchange's main index fell in early dealings on Friday with weakness in the energy group the main drag as oil prices dropped.

The oil and gas sector was down 2.7 percent as the price of oil fell below $53 a barrel on a developing view that OPEC ministers gathered in Cairo this weekend may decide to delay any cut in supply until they meet again in December. [ID:nSP342706]

Oil company Nexen NXY.TO, which rose sharply on Thursday on renewed takeover rumors, declined more than 15 percent to C$22.97.

The materials group was also lower, down 1.9 percent, as metals prices fell. Cameco CCO.TO lost 2.5 percent to C$21.12 after it said it is suspending uranium hexafluoride production at its Port Hope, Ontario, plant until the second half of 2009. [ID:nWNAB8114]

Shortly after 10:00 a.m. (1500 GMT), the S&P/TSX composite index .GSPTSE was down 85.51 points, or 0.98 percent, at 8,668.26.

($1=$124 Canadian) (Reporting by Ka Yan Ng; editing by Peter Galloway)