CANADA STOCKS-TSX slumps to two-month low, oil slide hits energy stocks

Tue Sep 13, 2016 4:22pm EDT
 
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* TSX ends down 248.04 points, or 1.70 percent, at 14,349.10

* All of the TSX's 10 main groups fall

* Energy stocks slump 3.3 pct as crude demand outlook darkens

By Alastair Sharp

TORONTO, Sept 13 (Reuters) - Canada's main stock index fell to its lowest close in more than two months on Tuesday as slumping oil prices weighed on energy shares and heavyweight banking and mining stocks also lost ground amid a broad retreat.

The Toronto Stock Exchange's S&P/TSX composite index ended down 248.04 points, or 1.70 percent, at 14,349.10, with eight stocks falling for every one that gained.

"Obviously we're in a risk-off type mentality in the market, all sectors have sold off," said Ben Jang, a portfolio manager at Nicola Wealth Management.

The energy group lost 3.3 percent as oil prices slid on gloomy outlooks for crude consumption, with pipeline company Enbridge Inc falling 3.2 percent to C$56.94 and producer Canadian Natural Resources Ltd off 3.8 percent to C$38.80.

The International Energy Agency (IEA) on Tuesday said a sharp slowdown in global oil demand growth, coupled with ballooning inventories and rising supply, means the crude market will be over supplied at least through the first six months of 2017.   Continued...