* TSX down 120.73 points, or 0.94 percent, at 12,669.22
* Energy and materials sectors lose more than 2.5 pct each
TORONTO, Dec 14 (Reuters) - Canada's main stock index fell
to a more than two-year low on Monday as energy and mining
stocks weighed amid signs of a worsening oil glut and losses in
gold and copper prices.
The energy group retreated 2.6 percent, while materials
stocks fell 2.7 percent.
The two resource-related groups, which together account for
more than a quarter of the index's weight, have been its worst
performers this year as oil and other commodity prices slumped.
Encana Corp ECA.TO fell 9 percent to C$7.56 after the oil
and natural gas producer slashed its dividend and cut its 2016
capital budget. Suncor Energy Inc SU.TO declined
2.0 percent to C$34.52.
At 10:34 a.m. EST (1534 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE fell 120.73 points, or 0.94
percent, to 12,669.22.
It touched its lowest level since September 2013 in the
first hour of trade. It lost 4.3 percent last week.
Oil prices tumbled 4 percent, nearing an 11-year low on
growing fears a global oil glut would worsen in coming months in
a pricing war between leading OPEC and non-OPEC producers.
U.S. crude CLc1 prices were down 0.7 percent to $35.38 a
barrel, while Brent crude LCOc1 lost 2.4 percent to $37.02.
O/R .
Gold futures GCc1 fell 0.6 percent to $1,070.9 an ounce,
copper prices CMCU3 declined 0.7 percent to $4,669.5 a tonne.
GOL/ MET/L
Goldcorp Inc G.TO fell 2.8 percent to C$16.05, while
fertilizer producer Potash Corp POT.TO lost 2.6 percent to
C$23.23.
Telecoms climbed 0.7 percent, with BCE Inc BCE.TO rising 1
percent to C$54.52, and Telus Corp T.TO advancing 0.8 percent
to C$39.40.
The consumer staples group climbed 0.6 percent, with
convenience store operator Alimentation Couche-Tard ATDb.TO up
1.1 percent to C$62.02 and grocery store chain Loblaw Cos L.TO
added 0.9 percent to C$65.21.
Declining issues outnumbered advancers by 203 to 33, for a
6.15-to-1 ratio on the downside.
The index was posting one new 52-week high and 36 new lows.