Source: Reuters, Editing by Peter Galloway and Chris Reese 10.10.14
(Adds moves in medical marijuana companies; updates prices) * TSX down 126.12 points, or 0.87 percent, at 14,334.48 * All 10 main index sectors fall * CP Rail, CN Rail among biggest decliners By John Tilak TORONTO, Oct 10 (Reuters) – Canada’s main stock index fell hard on Friday as investors fretted about the state of the global economy, sending shares in every major market sector lower.
As investors focus on the prospects for the global economy, sluggish data from Germany and a bearish forecast from the International Monetary Fund are raising red flags. Concerns about global growth often have a severe impact on the export-oriented Canadian market and its commodity sectors.
Shares of energy producers, which have been under pressure for the past three months as oil prices have fallen, were among the most influential decliners on the Toronto stock market’s benchmark TSX index.
The index has dropped in four of the five trading sessions this week and has shed about 8.6 percent since reaching a record high last month.
“We’re into a very choppy phase for the market where we’ll see more volatility,” said Colin Cieszynski, chief market strategist at CMC Markets Canada. “I think the correction will continue for some time.” “Canada is getting dragged by the pullback in commodity prices,” he added.
The Toronto Stock Exchange’s S&P/TSX composite index was down 126.12 points, or 0.87 percent, at 14,334.48. All of the 10 main sectors on the index were in the red.
Among energy shares, Suncor Energy Inc gave back 0.8 percent to C$37.21 and Canadian Natural Resources Ltd lost 0.4 percent to C$38.90.
Industrials shed 1.4 percent. Canadian Pacific Railway Ltd fell 2.1 percent to C$218.54, and Canadian National Railway Co was down 1.6 percent to C$73.27.
Shares in several Canadian medical marijuana companies fell after Reuters reported that the U.S. Drug Enforcement Administration was interested in U.S. investors of Canadian marijuana firms.
OrganiGram Holdings Inc dropped 4.8 percent, Bedrocan Cannabis Corp fell 2.8 percent, Tweed Marijuana Inc declined 6.6 percent and Mettrum Health Corp slipped 5.4 percent.
($1=$1.12 Canadian) (Editing by Peter Galloway and Chris Reese)