CANADA STOCKS-TSX opens lower as Cyprus spooks investors
* TSX down 32.14 points, or 0.25 percent, at 12,797.89 * Cyprus bailout spooks investors * Banks and energy stocks hardest hit; gold miners rise By Alastair Sharp TORONTO, March 18 (Reuters) - Canada's main stock index slipped on Monday, weighed down by energy and financial shares, as skittish investors pulled back after Cyprus raced to revise a radical bailout plan that included a divisive tax on bank deposits. The euro zone struck a deal on Saturday to hand Cyprus a bailout worth 10 billion euros ($13 billion), but demanded depositors in its banks forfeit some money to stave off bankruptcy despite the risks of a wider bank run. The developments drove down global shares, the euro and oil prices, while safe-haven gold surged. "It's all Cyprus," said Fred Ketchen, director of equity trading at ScotiaMcLeod. "This will be, I hope, relatively short-lived but nevertheless it frightens everybody when you see a country that is not living within its means." The Toronto Stock Exchange's S&P/TSX composite index was down 32.14 points, or 0.25 percent, at 12,797.89 by mid-morning, after falling further in early trade. Energy stocks fell sharply as the price of crude slipped $2, with Suncor Energy down 1.3 percent to C$31.27. Banks were also among the biggest decliners, with Bank of Nova Scotia off 0.5 percent at C$60.05 and Toronto Dominion Bank down 0.2 percent at C$84.84. "I certainly don't think Canadian banks are all of a sudden going to find themselves in the same spot," Ketchen said. "However, it's more a reaction to the overall influence that Cyprus is having on the psychology of the market." Gold hit a two-week high as its safe haven properties proved alluring, helping Canada's long-suffering gold miners offset some of the broader losses. Barrick Gold Corp rose 1.5 percent to C$29.65 and Goldcorp Inc gained 1.1 percent to C$33.51.
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