Stocks in Toronto fell on Thursday as the outcome of an Organization of the Petroleum Exporting Countries meeting hit oil prices, weighing on shares of energy producers and offsetting gains in most of the sectors.
The S&P/TSX composite index plummeted 101.66 points to greet noon Thursday at 14,936.75
The Canadian dollar dropped 0.73 cents to 88.17 cents U.S.
The OPEC meeting was the market's focus as it came after months of depressed oil prices, which have been weighed by concerns about increasing supply and sluggish demand for the commodity. The cartel did not announce the output cut investors were hoping for. Oil prices tumbled to a four-year low.
Energy shares, which are down about 29% since the middle of June, slumped 6.1% on Thursday.
Among shares of energy producers, Suncor Energy gave back 5.6% to $36.89 and had the biggest negative influence on the market. Canadian Natural Resources lost 3.5% to $39.95.
Financials advanced as Royal Bank of Canada climbed 0.5% to $83.16, and Bank of Montreal rose 0.4% to $83.96.
Easing the effect of lower energy shares, health-care issues surged, most notably Valeant Pharmaceuticals Inc., up 2.8%, to $167.20.
Industrials were also higher, including Air Canada, getting 8.9% lift to $11.13.
ON BAYSTREET
The TSX Venture Exchange fell 11.46 points to 759.60.
Even so, nine of the 14 Toronto subgroups were higher midday, as health-care issues climbed 2%, industrials gathered 1.2%, and information technology gained 0.9%.
The five laggards were weighed mostly by energy, down 6.1%, gold, down 1%, and materials, off 0.8%.
ON WALLSTREET
U.S. markets are shuttered for Thanksgiving. They will reopen for half a day Friday.
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