CANADA STOCKS-Diving oil and gold prices drive TSX to a sharp fall

Fri Nov 28, 2014 4:49pm EST
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* TSX down 177.69 points, or 1.19 percent, at 14,744.75

* Six of the 10 main index sectors decline

* Energy shares shed 2.3 percent (Adds comment, details, updates prices)

By John Tilak

TORONTO, Nov 28 (Reuters) - Canada's main stock index dropped on Friday as a 10.5 percent fall in the price of U.S. crude dragged down oil and gas shares, while a weaker bullion price sent shares of gold miners tumbling.

Oil prices, and shares of oil producers by extension, have plunged since the Organization of the Petroleum Exporting Countries (OPEC) decided on Thursday to keep production steady.

The decline in energy shares comes after months of choppiness in the oil price, which has dropped dramatically since June on concerns about oversupply.

Shares of energy producers were down 2.3 percent on Friday, after tumbling nearly 7 percent in the previous session. The Toronto stock market's energy sector has lost a third of its value since the middle of June.

"We're still suffering from the misery of the OPEC decision. The Canadian oil patch is really taking it on the chin," said Rick Hutcheon, president and chief operating officer at RKH Investments.   Continued...