Canadian stock has biggest drop in a year over global growth concerns

Canada's main stock market Friday lost ground over a sharp drop in every major market sector as investors fretted about the state of the global economy.
Toronto Stock Exchange's benchmark S&P/TSX Composite Index was down 233.24 points, or 1.61 percent, to 14,227.36 points, after declining to a low of 14,188.75, the lowest level in six months.
The latest Canadian labor force survey released by Statistics Canada shows that employment increased by 74,000 in September, pushing the unemployment rate down to 6.8 percent, the lowest since December 2008. However, the export-oriented Canadian market was overran by the sluggish sentiment on the global economy indicated by German data and IMF forecast earlier this week.
TSX losses were led by 2.66 percent drop in the industrials sector. Canadian Pacific Railway Ltd. fell 4.69 percent to 212.20 Canadian dollars, and Canadian National Railway Company was down 3. 02 percent to 72.25 Canadian dollars. Air Canada fell 5 percent to 7.22 Canadian dollars for a fourth day of declines.
Health care sector shed 1.73 percent to 93.09 Canadian dollars. OrganiGram Holdings Inc. dropped 3.45 percent to 1.40 Canadian dollars; Tweed Marijuana Inc. declined 6.10 percent to 2 Canadian dollars.
Energy sector was down 1.80 percent to 260.49 Canadian dollars while oil prices moved into the positive column, the November crude contract rose 0.05 U.S dollars to 85.82 dollars per barrel on the COMEX division of the New York Mercantile Exchange. Suncor Energy Inc. gave back 2.27 percent to 36.66 Canadian dollars and Canadian Natural Resources Ltd lost 1.48 percent to 38.48 Canadian dollars.
The financials Index fell 1.52 percent to 246.68 Canadian dollars with Manulife Financial Corp. declining 2.42 percent to 20. 57 Canadian dollars.
The Diversified metals & mining Index was down 1.46 percent to 708.95 Canadian dollars. First Quantum Minerals Ltd. plummeted 2. 77 percent to 18.60 Canadian dollars, Teck Resources Ltd. shrank 0. 44 percent to 18.01 Canadian dollars.
Meanwhile, info-tech shares declined 1.77 percent to 39.91 Canadian dollars; Telecom tumbled 1.45 percent to 119.21 Canadian dollars; Utilities plunged 1.59 percent to 214.02 Canadian dollars.
On the currency front, the Canadian dollar went down Friday to 0.8931 U.S dollar from 0.8962 dollar Thursday.