TSX Ends Lower After OPEC Meeting - Canadian Commentary

(RTTNews) - The Toronto Stock Exchange's benchmark index closed lower for the second consecutive day on Thursday, as energy stocks lost ground after oil prices tumbled following the decision by the Organization of the Petroleum Exporting Countries to keep its output target on hold.

A batch of downbeat U.S. economic data released on Wednesday also weigh on the market.

Overall, trading volumes were light because of the U.S. Thanksgiving holiday.

Light sweet crude for January delivery fell $4.64, or 6.30%, to $69.05 a barrel in electronics trading on the New York Mercantile Exchange after the OPEC decided not to cut output at its meeting in Vienna.

Crude oil prices have fallen 30% since June amid sluggish global demand and rising production from the U.S. The OPEC members, at their meeting today, decided to maintain the cartel's collective production ceiling of 30 million barrels a day, resulting in crude oil futures plunging to their lowest level since May 2010.

Gold for December fell $5.7 to $1190.9 an ounce after the U.S. dollar strengthened and oil prices dipped further.

The S&P/TSX composite index closed down 115.97 points, or 0.77%, at 14,922.44.

Among energy stocks, Suncor Energy Inc. (SU.TO) slipped 5.66%, while Canadian Oil Sands Ltd. (COS.TO) lost 7.17% and Canadian Natural Resources Ltd. (CNQ.TO) dropped 7.08%. Imperial Oil Ltd. (IMO.TO) and Husky Energy Inc. (HSE.TO) fell 7.24% and 4.56%, respectively.