CANADA STOCKS-TSX hits six-week low on China growth concerns

Mon Sep 22, 2014 11:21am EDT
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* TSX down 102.32 points, or 0.67 percent, at 15,163.06
    * Six of the 10 main index sectors decline
    * Tekmira jumps after regulators approve Ebola treatment

    By John Tilak
    TORONTO, Sept 22 (Reuters) - Canada's main stock index fell
on Monday, hitting a six-week low, as worries about China's
economic growth and weakness in commodity prices weighed on
shares of natural resource producers.
    A Reuters poll showed growth in the Chinese factory sector
probably stalled in September. Further, the country's finance
minister said that China will not dramatically alter its
economic policy because of any one economic indicator.
    The Toronto equities market extended its slide after
recording its biggest single-day fall in seven months on Friday.
    "We're seeing some nervousness coming in and you're looking
at generally widespread weakness across the market," said Gavin
Graham, chief strategy officer at Integris Pension Management
    "Valuations look pretty stretched," he added. "The rise in
markets we've seen over the last nine months or so has been very
largely driven by multiple expansion, not really by earnings
    Graham expects the TSX index's pace to slow after the strong
gains it has racked up since the start of the year. The index is
up about 12 percent so far in 2014. 
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 102.32 points, or 0.67 percent, at 15,163.06.
Six of the 10 main sectors on the index were in the red.
    Shares of energy producers shed 1.5 percent, mirroring a
drop in the price of oil. Suncor Energy Inc dropped 1.2
percent to C$41.50, and Talisman Energy Inc fell 1.4
percent to C$9.92.
    The gold-mining sector was down 1.7 percent with Barrick
Gold Corp losing 1.3 percent to C$16.88 and Goldcorp
Inc declining 1 percent to C$25.64. 
    In corporate news, Tekmira Pharmaceuticals Corp 
said that U.S. and Canadian regulators have authorized the use
of its Ebola treatment in patients who have confirmed or
suspected infections from the deadly virus. Shares of the
drugmaker jumped 9 percent to C$24.65. 
    ($1=$1.10 Canadian)

 (Editing by Peter Galloway)