CANADA STOCKS-TSX dives to 7-week low on oil prices, global growth fears

Mon Dec 8, 2014 10:59am EST
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* TSX down 293.21 points, or 2.03 percent, at 14,180.49

* All of the 10 main index sectors decline

* Energy shares tumble 4.8 percent

By John Tilak

TORONTO, Dec 8 (Reuters) - Canada's main stock index declined 2 percent to its lowest in seven weeks on Monday, hit by a drop in oil prices that took down oil and gas shares and sluggish data from Asia that raised concerns about the global economy.

Weakness in China's imports and a fall in the pace of its export growth highlighted worries about an economic slowdown there, and separate data showed the Japanese economy lost more ground than expected in the third quarter.

Oil prices tumbled to a five-year low as worries about oversupply gripped the market again. Oil has been falling since June, but the selloff accelerated after the Organization of the Petroleum Exporting Countries decided last month not to cut production.

The Toronto stock market's energy sector, which has been a casualty of the bloodbath, gave back 4.8 percent. It is down nearly 40 percent since the middle of June.   Continued...