CANADA STOCKS-TSX drops most in 18 months as TD, energy shares tumble

Thu Dec 4, 2014 4:46pm EST
 
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* TSX down 284.11 points, or 1.93 percent, at 14,469.95

* All of 10 main index sectors decline

* Energy shares drop 5 percent

By John Tilak

TORONTO, Dec 4 (Reuters) - Canada's main stock index recorded its biggest single-day drop in 18 months on Thursday as weakness in the price of oil fueled a sell-off in shares of energy producers and Toronto-Dominion Bank fell after the lender reported quarterly results.

TD reported a weaker-than-expected fourth-quarter profit and said it expects a more challenging operating environment in 2015. The stock shed 5.1 percent to C$54.03.

Enbridge shares shot up 10.5 percent after the company said late on Wednesday it will transfer its Canadian liquids pipelines business and certain renewable energy assets to an affiliate and raised its quarterly dividend by a third.

The gains were not enough to prevent the bruising the broader benchmark suffered, with energy prices losing 5 percent, with the biggest negative impact.   Continued...