CANADA STOCKS-TSX erases 2015 gains on Greek crisis

Mon Jun 29, 2015 4:47pm EDT
 
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(Adds portfolio manager comment, updates prices to close)

* TSX ends down 317.94 points, or 2.15 percent, at 14,490.15

* All 10 main groups fall at least 1 pct, banks weigh heaviest

* Fall is sharpest one-day loss since first days of 2015

By Alastair Sharp

TORONTO, June 29 (Reuters) - Canada's main stock index fell more than 2 percent on Monday, wiping out its 2015 gains with banks leading a near-unanimous retreat as debt-wracked Greece said it will miss a 1.6 billion euro loan payment and investors worried it could leave the euro.

All but eight stocks on the Toronto Stock Exchange's S&P/TSX composite index fell, and each of the 10 main sectors lost at least 1 percent in the sharpest selloff since January 5.

"When you have days like this it's really tough to hang on. You're looking at numbers being weaker and weaker by the minute," said Marcus Xu, president and portfolio manager at M.Y. Capital Management Corp in Vancouver.

He suggested investors do just that, on the thinking that the index could rise by year-end as the Greek crisis ultimately gets resolved and the U.S. Federal Reserve starts a long-awaited rate-hiking cycle.   Continued...