CANADA STOCKS-TSX touches 9-week low as Greek woes hit oil

Wed May 5, 2010 10:27am EDT
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   * TSX down 202.25 points, or 1.68 percent, at 11,828.61
 * Energy sector down 3.1 pct as oil below $80 a barrel
 * Materials pushed down by weak gold, base metal prices
 (Adds details, quote)
 By Jennifer Kwan
 TORONTO, May 5 (Reuters) - Toronto's main stock index
tumbled to a nine-week low on Wednesday morning as fears that
Greece's debt crisis would spread to other euro zone countries
rattled markets, driving investors to the safety of the U.S.
dollar and hitting oil and other commodity prices hard.
 The index's slide was led by its hefty energy sector, down
3.1 percent, as the unfolding Greece crisis pushed the price of
oil below $80 a barrel. [MKTS/GLOB] [.N]
 In Athens, striking public sector workers challenged
Greece's bailout-for-austerity deal, while policymakers warned
of the dangers of contagion in other high-debt euro zone
nations. [ID:nLDE643167] [ID:nLDE6440NQ]
 In the oil patch, Suncor Energy (SU.TO: Quote) dropped 4.4 percent
to C$32.86, while Canadian Natural Resources (CNQ.TO: Quote) sank 2.3
percent to C$75.20.
 Concern about the fiscal health of euro zone countries
drove investors to the safety of the greenback, a move that put
downward pressure on metals prices. [O/R] [GOL/] [MET/L] The
index's materials group fell 1.6 percent with Teck Resources
TCKb.TO down by 2.6 percent at C$36.30.
 "It's continued pessimism and worry that more countries in
the European Union are going to get their debt downgraded,"
said Barry Schwartz, vice president and portfolio manager at
Baskin Financial Services.
 "This throws us for a loop. Expectations for a global
recovery are now up in the air."
 At 10:01 a.m. (1401 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was down 202.25 points, or
1.68 percent, at 11,828.61. Earlier, it touched a low of
11,754.28, its weakest level since early March.
 All of its 10 sectors were down.
 Enbridge Inc (ENB.TO: Quote), Canada's No. 2 pipeline company,
reported a lower first-quarter profit on Wednesday compared
with the previous year when it benefited from the sale of a
Colombian pipeline system. Its shares fell 1.6 percent to
C$48.03. [ID:nN05261883]
 Shares of Torstar Corp TSb.TO, which is bidding for the
newspaper and online businesses of Canwest Global
Communications CGS.V, fell 2.7 percent to C$10.95. It said on
Wednesday it posted a first-quarter profit, helped by lower
costs and improved results from its newspaper and digital
segments. [ID:nN04113739]
 ($1=$1.03 Canadian)
 (Reporting by Jennifer Kwan; editing by Peter Galloway)