CANADA STOCKS-Broad selloff hits TSX on stimulus worries
* TSX down 113.71 points, or 0.92 percent, at 12,268.96 * Markets slide after Bank of Japan withholds further stimulus * Kinross halts Ecuador project; Lululemon CEO steps down By Alastair Sharp TORONTO, June 11 (Reuters) - Canada's main stock index fell sharply on Tuesday in a broad selloff led by mining and financial shares, which were hurt by signs that global central banks may be less forthcoming with monetary stimulus. Major decliners included Kinross Gold Corp, which dropped almost 4 percent after the company halted development at a gold project in Ecuador. Yogawear maker Lululemon Athletica Inc fell more than 17 percent after saying its chief executive was stepping down. But those moves were eclipsed by smaller moves in larger players, including some of Canada's biggest banks, energy companies and utilities. "It's an across-the-board, sell-the-market, get-out-of-stocks day," said John Stephenson, senior vice president at First Asset Investment Management. "Anything that had been working for most of this year, at least until the early part of May, which is mainly the defensives, so things like utilities, pipelines, telcos, REITs in both Canada and the U.S., have absolutely gotten slaughtered," he said. The Toronto Stock Exchange's S&P/TSX composite index was down 113.71 points, or 0.92 percent, at 12,268.96 by mid-morning. The decline was mirrored in equity markets globally, along with falls in the price of commodities, government debt and the value of the U.S. dollar. The selloff was sparked by the Bank of Japan electing not to take any fresh measures to tackle rising government bond yields that threaten to thwart its $1.4 trillion stimulus program. The two heaviest weights on the Toronto index were Toronto Dominion Bank, down 0.9 percent to C$81.70, and Bank of Nova Scotia, off 1 percent at C$56.81. Integrated energy company Suncor Energy fell 1.3 percent to C$31.39, while pipeline operator Enbridge Inc slipped 1 percent to C$44.07. Kinross was last down 4.2 percent at C$6.17, while Lululemon shares were off 16.7 percent at C$70.00. Shares in Catamaran Corp, a pharmacy benefit manager, surged more than 12 percent after major U.S. health insurer Cigna Corp said the pair had signed a 10-year agreement.
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