CANADA STOCKS-Energy-share selloff drags TSX to 4-1/2-month low
* TSX down 91.29 points, or 0.63 percent, at 14,485.16 * Seven of 10 main index sectors fall * Suncor, Canadian Natural among leading decliners By John Tilak TORONTO, Oct 8 (Reuters) - Canada's main stock index dropped to a 4-1/2-month low on Wednesday as concerns that the global economic recovery was losing steam and worries about a weak outlook for oil demand weighed on shares of energy producers. Investors were also digesting a report on Tuesday from the International Monetary Fund that showed the agency cutting its global economic growth forecasts for the third time this year. Energy shares have been weakening since June, when the price of oil began a slump over concerns about weak demand and ample supply. The energy sector tumbled 2 percent on Wednesday and had the biggest negative influence on the market. The benchmark TSX has been trading in negative territory in 12 of the last 14 sessions. It is down more than 7 percent since hitting a record high last month. "We're going to see volatility increase and pressure on the market for the remainder of the year," said Michael Sprung, president of Sprung Investment Management. "As the stocks come down, it's providing investors with good opportunities to improve the quality of their portfolios," he added. Sprung sees value in the energy sector but recommends that investors take a more cautious and selective approach with the mining industry. The Toronto Stock Exchange's S&P/TSX composite index was down 91.29 points, or 0.63 percent, at 14,485.16. Seven of the 10 main sectors on the index were in the red. Shares of energy producers dropped 2.6 percent, with the U.S. crude oil price down 2 percent. Suncor Energy Inc tumbled 2.6 percent to C$37.55, and Canadian Natural Resources Ltd lost 2.7 percent to C$38.91. The industrial group shed 1.2 percent, with Canadian Pacific Railway Ltd giving back 2.2 percent to C$226.40. But financials, the index's most heavily weighted sector, advanced 0.2 percent. Royal Bank of Canada gained 0.8 percent to C$80.31, and Bank of Montreal climbed 0.6 percent to C$81.88. (Editing by James Dalgleish)
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