CANADA STOCKS-TSX declines on oil price fall, Chinese data

Fri Dec 12, 2014 11:06am EST
 
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* TSX down 63.38 points, or 0.46 percent, at 13,841.74

* Seven of 10 main index sectors decline

* Energy shares remain choppy as oil prices drop

By John Tilak

TORONTO, Dec 12 (Reuters) - Canada's main stock index fell on Friday after a slump in the price of oil and disappointing Chinese economic data sent energy shares down, setting the market up for a weekly decline.

Figures released on Friday showed China's factory output growth slowed more than expected in November and growth in investment neared a 13-year low.

A steep descent in the oil price in recent weeks has raised concerns about the commodity's producers and the broader Canadian equity market, which has a large concentration of energy stocks.

The price of U.S. crude oil slipped below $60, and shares of Canadian energy producers are down about 42 percent since the middle of June.

"With the slide in energy, investors have become bearish towards Canada. Eventually that will straighten itself out, but it could take a while," said Colin Cieszynski, chief market strategist at CMC Markets Canada.   Continued...