CANADA STOCKS-TSX knocked lower as economic doubts grow

Mon Jul 5, 2010 4:56pm EDT
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* TSX falls 0.92 percent to 11,092.50

* Hits lowest level since Feb. 5

* Taseko drops 20 percent (Updates to official close, adds commentary)

By Ka Yan Ng

TORONTO, July 5 (Reuters) - Toronto's main stock index fell to its lowest level in five months on Monday as doubts about the strength of the global economic recovery mounted.

The index's three biggest sectors were among the main decliners: oil and gas was down 1.54 percent, materials was off 1.06 percent, and financials fell 0.56 percent, all helping to drag the index to its lowest point since Feb. 5.

Key decliners included Canadian Natural Resources CNQ.TO, down 2.66 percent at C$34.01, and Teck Resources TCKb.TO, which fell 4.24 percent to C$30.27. Suncor Energy SU.TO lost 1.16 percent to C$30.75, and Bank of Montreal BMO.TO fell 0.9 percent to C$57.35.

The index followed up last week's 4.4 percent decline with a slow, steady fall in thin trading on a day when U.S. markets were closed for the Independence Day holiday.

"It's a function of the fact that last week was not a great week, therefore why should any investor feel compelled to get into the market today, especially when the real drivers of the global equity markets are closed?" said Gareth Watson, Canadian Equity Advisor at Scotia McLeod.   Continued...