November 18, 2008 / 8:25 PM / 10 years ago

CANADA STOCKS-Commodities lose shine, drag TSX down

* Energy gains erased as oil falls towards $54 a barrel

* TransCanada among big net loss decliners, down 5 percent

TORONTO, Nov 18 (Reuters) - The Toronto Stock Exchange’s main index fell more than 1 percent on Tuesday afternoon as the influential energy sector saw its early gains erased, pulled lower as the price of oil fell.

The oil and gas group dropped 1.22 percent as crude edged to near $54 a barrel as worries over the economic crisis weighed on markets. [ID:nSP149041]

The heavily weighted materials and financial groups also saw their early gains unwind and were no longer the pillars that were helping to keep the overall index in positive territory. Both groups were off more than 1 percent.

Renewed gloom over the state of the world economy returned and helped push eight of the index’s main 10 sectors lower.

Shortly after 3:05 p.m. (2005 GMT), the S&P/TSX composite index .GSPTSE was down 115.85 points, or 1.32 percent, at 8,679.60.

TransCanada Corp (TRP.TO) was down 5.3 percent at C$32.71, the day after it announced plans to issue up to C$1.16 billion of stock to fund major projects like the Keystone oil pipeline, marking its second billion-dollar offering in half a year. [ID:nN17524623] (Reporting by Ka Yan Ng; editing by Rob Wilson)

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