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Sept. 24, 2009, 6:04 p.m. EDT

Energy stocks tumble as oil, natural gas prices decline

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By Carla Mozee, MarketWatch

LOS ANGELES (MarketWatch) - The Canadian equity market tumbled Thursday, with losses fronted by energy stocks that were hit by a slide in prices for oil and natural gas.

The S&P/TSX Composite Index dropped 232 points, or 2%, to 11,285.76, marking its largest percentage loss since mid-August. The index finished 0.6% lower on Wednesday.

The energy group on Thursday fell 2.5% as crude-oil prices fell 4% to $65.89 a barrel, a two-month low, on the New York Mercantile Exchange.

Shares of Canadian Natural Resources /zigman2/quotes/203742161/delayed CA:CNQ -0.61% lost 4.2%, Suncor Energy /zigman2/quotes/204570600/delayed CA:SU -0.10% shares fell 2%, and EnCana ended down 2.2%.


Crude's slump extends losses of 4% in the previous session after a weekly U.S. government report showed weak demand for oil and higher crude imports pushed inventories higher.

At the same time, October natural gas ended with a 2.5% loss at $3.955 per million British thermal units. Read more about energy prices.

Material-sector stocks fell 2.2%, moving lower as prices for metals lost ground. Gold futures shed 1.5% to $998.90 an ounce on the New York Mercantile Exchange. December silver dropped 3.6% and copper fell 3.5.%.

Agnico-Eagle Mines /zigman2/quotes/205100210/delayed CA:AEM -0.80% shares gave up 4.4%, Pan American Silver slumped 5.5%, and Silver Wheaton fell 2.8%.

Elsewhere, stock in Research In Motion fell 2.4% ahead of the mobile-devices maker's release of its second-quarter results after market close.

Late Thursday, the company's net earnings fell 4% as a charge for a legal settlement offset strong sales of BlackBerry devices. Also, RIM's forecast for the third quarter came in lighter than had been expected by analysts. Read more about RIM's results.

CA : Canada: Toronto
$ 74.57
-0.46 -0.61%
Volume: 10.26M
Dec. 8, 2022 4:00p
P/E Ratio
Dividend Yield
Market Cap
$86.61 billion
Rev. per Employee
CA : Canada: Toronto
$ 40.62
-0.04 -0.10%
Volume: 10.76M
Dec. 8, 2022 4:17p
P/E Ratio
Dividend Yield
Market Cap
$55.49 billion
Rev. per Employee
CA : Canada: Toronto
$ 70.28
-0.57 -0.80%
Volume: 1.48M
Dec. 8, 2022 4:00p
P/E Ratio
Dividend Yield
Market Cap
$32.30 billion
Rev. per Employee

Carla Mozee is a reporter for MarketWatch, based in Los Angeles.

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