CANADA STOCKS-TSX dives as Greek doubts intensify

Tue May 4, 2010 11:21am EDT
 
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 * TSX down 157.69 points, or 1.29 percent, at 12,038.82
 * Energy, materials sectors lead TSX slide
 * Suncor up 0.4 percent after results
 (Updates figures, adds earnings result)
 By Jennifer Kwan
 TORONTO, May 4 (Reuters) - Toronto's main stock index fell
hard on Tuesday morning as worries about the effectiveness of
Greece's aid package intensified, sending investors scampering
to the safety of the U.S. dollar and hitting oil and metals
prices.
 The index's heavily weighted energy sector dropped 1.6
percent, with EnCana Corp ECA.TO down 1 percent at C$33.15,
and Canadian Natural Resources CNQ.TO retreating 3 percent to
C$76.64.
 Miner Teck Resources TCKb.TO slid 3.3 percent to C$37.51,
while First Quantum Minerals FM.TO fell 4.3 percent to
C$70.75, which weighed on the index's materials group.
 "We are down on the Greek concerns. Commodities are super
weak," said Francis Campeau, broker at MF Global Canada in
Montreal.
 At 10:56 a.m. (1456 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was down 157.69 points, or
1.29 percent, at 12,038.82.
 The Toronto index took its cue from overseas stock markets,
which dropped as investors remained skeptical that a weekend
agreement among European countries and the International
Monetary Fund to bail Greece out of its debt problems would
succeed. [MKTS/GLOB] [.N]
 The euro retreated against the greenback on fears that
Greece's woes would spread to other vulnerable euro zone
countries. [FRX/]
 That concern guided investors toward the safety of the U.S.
dollar, which pressured the price of oil below $84 a barrel,
while base metals were also knocked lower on worries China
would step up its credit tightening campaign. [O/R] [MET/]
[ID:nTOE64100Q]
 Financials fell 1.4 percent with Canada's biggest lender,
Royal Bank of Canada RY.TO, down 1 percent at C$61.80.
 Although lower, the TSX index was holding its ground
compared with European equity markets, with some of then
dropping more than 2 percent.
 Shares of Suncor Energy Inc SU.TO, Canada's top energy
company, climbed 0.4 percent to C$34.83 after it reported a
quarterly profit that beat market expectations, helped by
additional production from its acquisition of Petro-Canada and
higher crude oil prices. [ID:nN03213638]
 News and data provider Thomson Reuters Corp TRI.TO
TRI.N reported a stronger-than-expected quarterly profit as
the recovery from the financial crisis accelerated in its main
businesses. Thomson Reuters shares were up 0.6 percent at
C$37.00. [ID:nN03214917]
 ($1=$1.02 Canadian)
 (Reporting by Jennifer Kwan; editing by Peter Galloway)