CANADA STOCKS-TSX falls for third day on Greece, oil slide

Wed May 5, 2010 5:31pm EDT
 
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* TSX ends down 1.29 percent at 11,875.13

* Energy sector sags 3.05 pct as oil below $80 a barrel

* Materials pushed down by weak gold, base metal prices (Adds details)

By John McCrank

TORONTO, May 5 (Reuters) - Toronto's resource-heavy main stock index tumbled on Wednesday for a third straight session, dragged lower by a slide in oil, as fears intensified that Greece's debt crisis could spread to other euro zone countries and derail economic recovery.

The drop was led by the heavyweight energy sector, down 3.05 percent, as the unfolding Greek crisis pushed the price of oil below $80 a barrel for the first time since late March. [O/R]

In the oil patch, Suncor Energy (SU.TO: Quote) dropped 5.44 percent to C$32.51, while Canadian Natural Resources (CNQ.TO: Quote) sank 4.05 percent to C$73.83.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed down 155.73 points, or 1.29 percent, at 11,875.13. Earlier, it touched a low of 11,754.28, its weakest level in nine weeks. Eight of its 10 sectors were down.

Protesters in Athens clashed with police over austerity measures, while policy makers warned of the dangers of contagion in other high-debt euro zone nations, sending global stocks and commodity markets lower. [ID:nSGE644093] [MKTS/GLOB]   Continued...