TSX falls off record high as oil slump hits energy stocks

Canada's main stock index fell from record highs on Monday, with the heavyweight energy sector leading losses as rising COVID-19 cases stoked concerns over crude demand, driving oil prices 4% lower.

At 9:40 a.m. ET (13:40 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 94.4 points, or 0.46%, at 20,381.02.

The energy sector dropped 1.9% as oil prices plummeted on concerns that rising COVID-19 cases, particularly in major importer China, could lead to new restrictions and dent fuel demand.

The materials sector, which includes precious and base metals miners and fertilizer companies, lost 1% as concerns over Chinese demand hit base metal prices, while a rising dollar hurt precious metals.

Defensive sectors such as real estate and consumer staples were among the few gainers.

The financials sector slipped 0.3%. The industrials sector fell 0.1%.

Oil slides 4% on China virus curbs and strong dollar

On the TSX, 50 issues advanced, while 178 issues declined in a 3.56-to-1 ratio favoring losers, with 19.35 million shares traded.

The largest percentage gainer on the TSX was WPT Industrial Real Estate Investment Trust, which jumped 15.1% after private equity firm Blackstone agreed to buy the company for $1.86 billion.

Westport Fuel fell 7.0%, the most on the TSX, while the second biggest decliner was Lightspeed Pos Inc , down 6.3%.

The most heavily traded shares by volume were Enbridge Inc, Manulife Financial and Bombardier Inc .

The TSX posted four new 52-week highs and three new lows.

Across Canadian issues, there were 48 new 52-week highs and 11 new lows, with total volume of 34.68 million shares.