CANADA STOCKS-Concerns over Portugal pull TSX lower
* TSX down 110.03 points, or 0.72 percent, at 15,105.16 * Nine of 10 main index sectors decline * Cogeco falls after reporting results By John Tilak TORONTO, July 10 (Reuters) - Canada's main stock index dropped on Thursday as worries about the financial woes of a major Portuguese bank rippled across global equity markets. Investors were fearful of a contagion effect after shares in Banco Espirito Santo (BES), Portugal's largest listed bank by assets, plunged more than 15 percent on growing concerns that financial troubles at holding companies of the bank's founding family will have an impact on BES. Shares of energy producers, which have been among the most influential gainers this year, showed the sharpest decline on the Canadian benchmark index. The Toronto market slipped on Monday and Tuesday on concerns about whether corporate earnings will be able to match expectations, but it rebounded a little in the previous session. "There seems to be a little bit of panic," said David Cockfield, managing director and portfolio manager at Northland Wealth Management. "People are reaching for reasons, and the reasons are that you still have some nervous investors around and the markets have had a good run and no corrections," he added. The Toronto Stock Exchange's S&P/TSX composite index was down 110.03 points, or 0.72 percent, at 15,105.16. Nine of the 10 main sectors on the index were in the red. Shares of energy producers gave back 1.4 percent, with Suncor Energy Inc losing 1.6 percent to C$44.91 and Canadian Natural Resources Ltd declining 1.7 percent to C$48.16. Financials, the index's most heavily weighted sector, slipped 0.6 percent. Royal Bank of Canada shed 0.5 percent to C$78.13. The gold-mining sector jumped 2.1 percent, buoyed by a rally in the bullion price. Goldcorp Inc shot up 2.6 percent to C$30.98, and Barrick Gold Corp advanced 2.3 percent to C$20.60. In corporate news, Cogeco Cable Inc reported a lower third-quarter profit and cut its full-year profit outlook. The stock was down 1.8 percent at C$58.13. (Editing by Meredith Mazzilli)
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