CANADA STOCKS-TSX slips as energy shares drop ahead of OPEC meeting

Wed Nov 26, 2014 10:45am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX down 24.97 points, or 0.17 percent, at 15,048.68

* Five of 10 main index sectors decline

* Energy, mining shares fall with commodity prices (Adds comment, updates prices)

By John Tilak

TORONTO, Nov 26 (Reuters) - Canada's main stock index declined on Wednesday as shares of energy producers dropped with oil prices ahead of an Organization of the Petroleum Exporting Countries meeting later this week.

The meeting is significant as it comes after months of volatility in the price of oil, which has plummeted over concerns about an imbalance in the commodity's supply and demand.

Investors hopeful of a big supply cut were dealt a blow as OPEC leader Saudi Arabia and fellow member the United Arab Emirates indicated they were unlikely to push for a major change in oil output at the meeting.

The energy sector, which has lost about a quarter of its value since the middle of June, remained under pressure.

"People don't quite know what to expect. The consensus is that OPEC will have a bit of a production cut but not a lot - not enough to make the price go up," said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.   Continued...