CANADA STOCKS-TSX hits eight-month low on U.S. data, oil price

Wed Oct 15, 2014 10:46am EDT
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* TSX down 106.05 points, or 0.76 percent, at 13,930.63
    * Eight of 10 main index sectors decline
    * Energy shares follow U.S. crude oil price lower

    By John Tilak
    TORONTO, Oct 15 (Reuters) - Canada's main stock index
dropped to its lowest level in eight months on Wednesday as
sluggish U.S. economic data revived concerns about global growth
and the price of oil remained volatile.
    Worries about sluggish demand for oil have sent the price of
the commodity into a tailspin in the past three months. The
price of U.S. crude oil was in negative territory in early
trade, and shares of energy producers slipped again. 
    The benchmark TSX has corrected itself, down about 11
percent since hitting a record high last month.
    A fall in U.S. retail sales in September and a drop in U.S.
producer prices raised questions about the strength of the
recovery in the world's biggest economy. 
    "What's the one engine of growth you have out there? It's
the United States, and now some people are starting to doubt
that," said Ian Nakamoto, director of research at MacDougall,
MacDougall & MacTier.
    "Investors are nervous," he added. "It's easy to get on
board when you see a trend. The trend recently has been
    Nakamoto said that the Canadian market was expensive now.
"The element that's missing is confidence."
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 106.05 points, or 0.76 percent, at 13,930.63.
Eight of the 10 main sectors on the index were in the red.
    Financials, the index's most heavily weighted sector, were
down 1.3 percent. Bank of Montreal weakened 1.5 percent
to C$79.59, and Toronto Dominion Bank fell 1.5 percent
to C$51.80.
    Shares of energy producers lost 1.1 percent. Talisman Energy
Inc shed 2 percent to C$7.32, and Suncor Energy Inc
 gave back 0.5 percent to C$35.93. 

 (Editing by Nick Zieminski)