CANADA STOCKS-TSX falls to 3-week low as oil slump hurts energy stocks

Mon Dec 7, 2015 10:28am EST
 
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* TSX down 181.7 points, or 1.36 percent, at 13,177.07

* Six declining stocks for every rising issue

TORONTO Dec 7 (Reuters) - Slumping energy stocks pushed Canada's main stock index sharply lower on Monday as oil prices fell to their lowest in almost seven years following OPEC's decision to keep crude production high, while slips in other commodity prices also weighed.

Nine of the 13 most influential weights on the index were energy stocks, including Suncor Energy Inc's 2.9 percent fall to C$34.97, and Canadian Natural Resources, which declined 4.3 percent to C$29.38. The overall group retreated 5 percent.

Oil prices fell to their lowest in nearly seven years after OPEC's meeting ended on Friday in disagreement over production cuts and without reference to an output ceiling, while a stronger U.S. dollar made it more expensive to hold crude positions.

At 10:02 a.m. EST (1502 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 181.7 points, or 1.36 percent, to 13,177.07. That was its lowest level since Nov. 16.

Declining issues outnumbered advancers by more than 6 to 1, with 30 stocks hitting fresh 52-week lows.

Materials stocks weighed, down 1.2 percent as gold and copper prices also pulled back.

HudBay Minerals Inc stock fell 7.3 percent to C$5.68 after its chief executive was named to replace Goldcorp Inc's CEO after he retires next year. Goldcorp stock slipped 1.5 percent to C$16.78.

U.S. crude prices were down 3.9 percent at $38.42 a barrel, while Brent lost 3 percent to $41.71.

Gold futures fell 0.7 percent to $1,076.9 an ounce, and copper prices declined 0.6 percent to $4,586.5 a tonne. (Reporting by Alastair Sharp; Editing by Meredith Mazzilli)