TORONTO: Canada’s main stock index fell on Monday as energy shares dropped after crude prices weakened, with sentiment dented further by concerns that surging cases of the Omicron coronavirus variant might curb global economic recovery.

At 9:38 a.m. ET (1438 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 234.23 points, or 1.13%, at 20,504.96 and was set for its worst session in more than three weeks.

The energy sector dropped 3.2% as oil prices slumped. Surging Omicron infections in Europe and the United States stoked investor worries that new mobility restrictions could hit fuel demand.

“Oil prices are down and also generally world markets are selling off and I think that’s a combination of the Chinese central bank cutting rates.