CANADA STOCKS-TSX drops 2.5 pct in energy-led sell-off

Mon Dec 8, 2014 3:32pm EST
 
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* TSX down 341 points, or 2.36 percent, at 14,132

* All 10 main index sectors decline

* Energy shares tumble 7 percent (Adds portfolio manager comment, updates prices)

By Alastair Sharp and John Tilak

TORONTO, Dec 8 (Reuters) - Canada's main stock index slumped on Monday, at one point tracking its sharpest fall since 2011, in a broad-based sell-off led by financial and resource shares.

With world oil prices showing no signs of slowing their tumble to five-year lows, Canada's large number of energy stocks and miners were among the hardest hit. They were joined by banks, part of the single largest constituent of the index.

"This is the first time in a long while where three sectors have all gotten together and said we're going south," said John Kinsey, portfolio manager at Caldwell Securities.

The Toronto Stock Exchange's S&P/TSX composite index was down 341.71 points, or 2.36 percent, at 14,131.99 as the last hour of official trade began. At one point it fell as low as 13,983.71.

Investors worried about global economic growth: concerns fueled by weakness in China's imports and slowing export growth, and separate weak data out of Japan.   Continued...