CANADA STOCKS-TSX energy shares plummet after OPEC holds output

Thu Nov 27, 2014 4:52pm EST
 
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* TSX down 115.97 points, or 0.77 percent, at 14,922.44

* Energy shares drop 6.9 percent

* Suncor, Canadian Natural lead market lower

By John Tilak and Alastair Sharp

TORONTO, Nov 27 (Reuters) - Canada's main stock index declined on Thursday as oil prices plunged after the outcome of an Organization of the Petroleum Exporting Countries meeting disappointed investors, dragging down shares of energy producers.

The OPEC meeting was the market's focus as it came after months of depressed oil prices, which have been weighed by concerns about increasing supply and sluggish demand for the commodity.

The cartel did not announce the output cut investors were hoping for, and oil prices tumbled to a four-year low.

Energy shares, which have lost nearly a third of their value since the middle of June, slumped 6.9 percent on Thursday.

"It's another leg down. There doesn't seem to be a bottom for oil anytime soon," said Marcus Xu, president and portfolio manager at M.Y. Capital Management Corp in Vancouver, who said he was holding on to his energy investments.   Continued...