Toronto stock market sheds over 100 points

TORONTO - Lower commodity prices weighed on the Toronto stock market Wednesday, pulling the index down more than 100 points at the close. The Toronto Stock Exchange’s S&P/TSX composite index fell by nearly one per cent, or 138.53 points to 14,626.24. Gold stocks were the largest decliner on the exchange, with the sector pulling back 7.26 per cent, with December gold fading $16.40 to US$1,329.70 an ounce. Materials stocks, which including mining and fertilizer companies, followed in losses, with the sector contracting 5.76 per cent on the TSX. Oil prices were also volatile following a report that showed higher than expected U.S. inventories of crude and gasoline. The U.S. Energy Information Administration reported that domestic crude supplies rose by 2.5-million barrels last week, significantly higher than what was expected. “That just means we have too much supply right now and not enough demand,” said Craig Jerusalim, a Canadian equities portfolio manager at CIBC Asset Management. He noted that even if the members of OPEC agree on a production cap at its next meeting in September, it will still likely not be enough to inflate oil prices to more sustainable operational levels for crude companies.