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The Toronto Stock Exchange was little changed early on Dec. 30.

A nearly 1 per cent drop in the S&P/TSX composite index in the final hour of trading Thursday was due to a large order from Goldman Sachs to sell a basket of Canadian stocks, according to a note from the Bank of Montreal.

Canada's main stock index recorded one of its biggest declines of the year on Thursday, as investors reacted to another push lower in the price of crude oil as well as a disappointing earnings report from Toronto-Dominion Bank.

According to BMO, the Goldman Sachs sell order was for approximately $600-million in a broad selection of Canadian stocks, but many were in the banking and energy sectors. The heaviest volumes sold by Goldman were shares in Royal Bank of Canada, TD Bank, Bank of Nova Scotia, Bank of Montreal, Canadian Natural Resources, Enbridge and Suncor.

The TSX closed down 284.1 points, or 1.93 per cent, at 14,469.95, far outpacing the 0.12 per cent fall in the S&P 500. The Canadian index had been down nearly 1 per cent prior to 3 p.m. (ET), which is around when the Goldman order was believed to be transacted.

Canada's energy sector has taken a pounding alongside the tumbling price for oil. But the global energy rout has also seeped into other Canadian sectors, weakening stocks with indirect or partial exposure to crude producers.

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