CANADA STOCKS-China concerns, commodity prices drag TSX lower
* TSX down 53.68 points, or 0.35 percent, at 15,477.90 * All 10 main index sectors decline * First Quantum, Teck dragged down by copper price By John Tilak TORONTO, Sept 15 (Reuters) - Canada's main stock index dropped on Monday as worries about the pace of economic growth in China and weakness in commodity prices weighed on sentiment, pulling down shares in every major sector. Some economists cut their 2014 growth projections for China after figures released over the weekend indicated that growth in factory output in the world's second-biggest economy slowed in August. Investors also awaited commentary from the U.S. Federal Reserve this week about its plans to raise interest rates and looked to the outcome of the Scottish referendum on independence. The benchmark TSX extended its decline after slipping the previous week. The index, however, is up about 14 percent this year. "The market is fully priced. There's enough uncertainty out there, and now you've got the potential for the Scots to split off," said David Cockfield, managing director and portfolio manager at Northland Wealth Management. "There's not a lot of incentive to rush out and buy in this market," he added. "The market is directionless, and if it's bad news it reacts pretty quickly." The Toronto Stock Exchange's S&P/TSX composite index was down 53.68 points, or 0.35 percent, at 15,477.90. All 10 main sectors on the index were in the red. Financials, the index's most heavily weighted sector, gave back 0.3 percent, with Royal Bank of Canada losing 0.4 percent to C$81.87 and Bank of Nova Scotia declined 0.3 percent to C$72.76. The materials sector, which includes mining stocks, shed 0.7 percent, reflecting the impact of lower copper and silver prices. First Quantum Minerals Ltd dropped 3 percent to C$23.40, and Teck Resources Ltd fell 1.4 percent to C$23.38. In corporate news, WestJet Airlines Ltd said it will start charging some economy passengers for their first checked bag. The stock jumped 6.2 percent to C$32.56, and Air Canada's shares climbed 6.1 percent to C$9. (Editing by James Dalgleish)
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