CANADA STOCKS-TSX drops as oil selloff triggers global growth concerns

Tue Dec 9, 2014 11:12am EST
 
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* TSX down 74.42 points, or 0.53 percent, at 14,069.75

* Eight of 10 main index sectors decline

* Gold-mining stocks surge with bullion price

* Talisman jumps after confirming interest from suitors

* AGF tumbles after dividend cut

By John Tilak

TORONTO, Dec 9 (Reuters) - Canada's main stock index dropped in volatile trading on Tuesday, extending a steep decline in the previous session, as the recent selloff in the price of oil fueled concerns about the health of the global economy.

Oil prices tumbled to a five-year low, weighed by fears of increasing supply and sluggish demand. They recovered later but have lost about 40 percent since June, hurting the energy sector in the process.

Shares of energy companies, which tumbled nearly 7 percent in the previous session, rebounded slightly. The negative sentiment for equities led to a surge in the price of bullion, which is seen as a safe-haven asset, helping drive up shares of gold miners.   Continued...