CANADA STOCKS-TSX fall gets deeper as financial, energy shares drag
* TSX down 80.59 points, or 0.54 percent, at 14,879.92 * Eight of the 10 main index sectors decline * Market down in eight of past nine sessions By John Tilak TORONTO, Oct 1 (Reuters) - Canada's main stock index extended its recent steep slide on Wednesday on weakness in the financial and energy sectors as concerns about the rise of the U.S. dollar and sluggish commodity prices continued to dog the market. The benchmark has dropped in eight of its past nine sessions. Adding pressure on Wednesday, a business survey from the euro zone showed manufacturing growth in the region slowed in September as new orders contracted for the first time in more than a year. The Toronto stock market's benchmark index fell 4.3 percent in September, its biggest monthly drop since May 2012. As well as the U.S. dollar rally and softening commodity prices, geopolitical tensions and worries that the U.S. Federal Reserve will raise interest rates sooner than expected have nagged the market. "I'm still on the fence, waiting," said David Cockfield, managing director and portfolio manager at Northland Wealth Management, who is concerned that the correction could deepen. The market faces the risk of falling another 5 percent before recovering, he added. "As we move into the quarter, we could have a better idea of economic growth and earnings," Cockfield said. He expects the Canadian market to outperform U.S. stocks this year. The Toronto Stock Exchange's S&P/TSX composite index was down 80.59 points, or 0.54 percent, at 14,879.92. Eight of the 10 main sectors on the index were in the red. Financials, the index's most heavily weighted sector, dropped 0.6 percent, with Royal Bank of Canada losing 0.2 percent to C$79.94 and Bank of Montreal falling 0.4 percent to C$82.12. Shares of oil and gas producers declined 0.7 percent. Canadian Natural Resources Ltd dropped 1.1 percent to C$43.03, and Talisman Energy Inc declined 0.4 percent to C$9.65. ($1=$1.12 Canadian) (Editing by Peter Galloway)
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