Energy Stocks Drag Down TSX

(RTTNews) - Canadian stocks are lower Thursday morning, on heavy selling in the energy space following the Organization of Petroleum Exporting Countries deciding not to cut crude oil output.

The OPEC members, who met in Vienna 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.

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

The benchmark S&P/TSX Composite Index is down 77.00 points or 0.51 percent at 14,961.41.

On Wednesday, the index closed down 35.24 points or 0.23 percent at 15,038.41.

The Energy Index is down over 6 percent. Crescent Point Energy Corp. (CPG.TO) is down 4.3 percent, Suncor Energy (SU.TO) is declining 3.5 percent and Canadian Oil Sands (COS.TO) is down 3.1 percent.

Canadian Natural Resources (CNQ.TO), Imperial Oil (IMO.TO), Cenovus Energy (CVE.TO), Encana Corporation (ECA.TO), Husky Energy (HSE.TO) and Tourmaline Oil Corp. (TOU.TO) are down 1.5 to 3 percent.

Twin Butte Energy (TBE.TO) is declining more than 6.5 percent, MEG Energy Corp. (MEG.TO) is plunging nearly 10 percent, Surge Energy (SGY.TO) is losing nearly 11 percent and Long Run Exploration (LRE.TO) is down 11 percent.

Athabasca Oil Corporation (ATH.TO), Spartan Energy (SPE.TO) and Bankers Petroleum (BNK.TO) are lower by over 8 percent.

The Financial Index is up 0.3 percent. Among big six banks, National Bank of Canada (NA.TO) is up marginally, while the rest are up 0.35 to 6 percent.

Bank of Montreal said it is making an additional C$2 billion in credit available to women-owned businesses across Canada over the next three years.

Power Corporation of Canada (POW.TO), Sun Life Financial Inc. (SLF.TO) and Manulife Finacial Corporation (MFC.TO) are up 0.7 to 1 percent.

The Healthcare Index is up 1.7 percent. Valeant Pharmaceuticals International Inc. (VRX.TO) is moving up nearly 3 percent and Catamaran Corporation (CCT.TO) is rising 2.3 percent.

The Information Technology Index is up 0.65 percent, with CGI Group Inc. (GIB.A.TO), Open Text Corporation (OTC.TO), BlackBerry (BB.TO), Celestica Inc. (CLS.TO) and Sierra Wireless Inc. (SW.TO) gaining 1 to 2 percent.

The Industrials Index is up 0.6 percent. Canadian National Railway Company (CNR.TO), Canadian Pacific Railway Limited (CP.TO), CAE Inc. (CAE.TO) and WestJet Airlines Ltd. (WJA.TO) are up 1 to 2 percent.

The Diversified Metals & Mining Index is up 0.5 percent. Teck Resources (TCK.B.TO) is moving up 1.5 percent, whileHudBay Minerals (HBM.TO) and Capstone Mining Corp. (CS.TO) are declining 1.2 percent and 1 percent, respectively.

The Capped Materials Index is down 0.17 percent. Franco-Nevada Corporation (FNV.TO) is declining 1.2 percent and Silver Wheaton Corp. (SLW.TO) is down 0.4 percent.

Stuart Olson Inc (SOX.TO) said it will acquire Studon Electric & Controls Inc for about C$76.2 million. Studon is a electrical and instrumentation services provider offering construction, maintenance and turnaround services to the oil & gas, pipeline and petrochemical industries in Western Canada. The stock is down marginally.

In commodities, crude oil futures for January are down $4.30 or 5.80 percent at $69.79 a barrel, its lowest level since May 2010, after the Organization of the Petroleum Exporting Countries decided not to cut output at the conclusion of its highly-anticipated meeting.