Nov. 6 (Bloomberg) -- Canadian stocks fell a second day, led by energy companies, after Canadian Natural Resources Ltd. lowered its production forecast and crude oil prices slid to a 19-month low.

Potash Corp. of Saskatchewan Inc. and EnCana Corp., the nation's biggest natural gas producer, fell with grain and oil prices in Toronto, while Pason Systems Inc. climbed after declaring a semiannual dividend.

The Standard & Poor's/TSX Composite Index declined 3.4 percent to 9,555.41 in Toronto, as 183 stocks fell and 58 advanced. Canadian Natural fell 12 percent to C$53.40. The country's third-largest energy company by market value cut production forecasts and slashed its capital expenditures budget almost in half, prompting a ``sell'' rating from Goldman Sachs Group Inc.

``The energy companies are enunciating that they're slowing down these capex projects, reaffirming in the minds of some investors that these projects may be delayed even longer than the average investor thinks,'' said Andrew Martyn, who helps manage about C$450 million at Toronto-based Davis-Rea Ltd. ``This earnings season you're getting more warnings or things you didn't really know about.''

Canada's benchmark index, which gets three-quarters of its value from energy, mining and finance shares, has fallen 37 percent from a June 18 record. Today's drop is the biggest since Oct. 27, when the index fell 8.1 percent, the most in 21 years.

Brokerage's Loss

Canaccord Capital Inc. fell the most in more than three years, losing 9.3 percent to C$5.76. The nation's largest independent brokerage by assets posted a second-quarter loss of 11 cents a share as the global credit crisis crimped its investment-banking business. Analysts surveyed by Bloomberg expected a profit, excluding some items, of 6 cents a share. The firm also suspended its dividend.

AbitibiBowater Inc. fell 13 percent to C$2.09, the most since Oct.15, on concern it may fail to refinance more than $600 million of debt that matures next year. The world's largest newsprint maker said its loss widened in the third quarter from the second quarter to $302 million, or $5.23 a share, because of costs to close mills. Cott Corp., North America's biggest supplier of store-brand soft drinks, fell 3.2 percent to C$1.53 after reporting its fifth consecutive quarterly loss as it wrote down the value of assets.

Potash, the largest North American fertilizer producer by market value, lost 7.5 percent to C$94.25, as corn and wheat prices fell 3.1 percent and 2.8 percent, respectively.

Broad Decline

Nine of the 10 industry groups on the S&P/TSX slumped. Crude oil slid to a 19-month low, pushing an energy benchmark down 6 percent, on signs that fuel demand will contract as the global economy slows.

EnCana fell 4.4 percent to C$57.60. Opti Canada Inc., which has interests in oil sands projects, in Alberta fell the second- most on the S&P/TSX index, dropping 19 percent to C$2.84. Suncor Energy Inc., the world's second-largest oil-sands producer, declined 11 percent to C$24.75.

Pason Systems Inc. added 10 to C$11.90. The provider of oilfield-instrumentation systems declared a semiannual dividend of 12 cents a share after reporting third-quarter earnings of 26 cents a share, exceeding the average analyst estimate by 7 percent.

Gold producers, which gained earlier in the day, fell after the precious metal slid. Demand for gold as a safe haven was eroded by lower borrowing costs in Europe and the U.K. Barrick Gold Corp., the largest bullion mining company in the world, declined 6.3 percent to C$27.50. Goldcorp Inc., the world's second-largest gold producer, slumped 6.4 percent to C$25.07.

Kinross Gold Corp. fell 4.6 percent to C$14.26. Canada's third-largest gold producer dropped, following bullion's decline, even after posting a profit in the third-quarter that beat analysts' estimates, according to a Bloomberg survey.

To contact the reporter on this story: Whitney Kisling in New York at wkisling@bloomberg.net.

Last Updated: November 6, 2008 16:54 EST