November 26, 2014 / 3:48 PM / in 3 years

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

* 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.

“We’re obviously guarded about adding new money to the energy sector, and we’ll have to wait another day or so to see what happens to prices,” he added.

The Toronto Stock Exchange’s S&P/TSX composite index was down 24.97 points, or 0.17 percent, at 15,048.68. Five of the 10 main sectors on the index were in the red.

‘Shares of energy producers fell 1.5 percent, with Suncor Energy Inc losing 1.1 percent to C$39.21 and Canadian Natural Resources Ltd giving back 1.1 percent to C$41.60.

The gold-mining sector shed 1.4 percent, reflecting volatility in the bullion price. Barrick Gold Corp declined 1.5 percent to C$14.55, and Goldcorp Inc was down 1.6 percent to C$23.77.

But financials, the index’s most heavily weighted sector, advanced 0.3 percent. Toronto Dominion Bank added 0.4 percent to C$57.03. (Editing by W Simon)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below