CANADA STOCKS-TSX pulled down by oil, banks, but gold shines

Tue Apr 7, 2009 5:11pm EDT
 
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* All 10 TSX groups fall; energy, banks lead way

* TSX falls for third straight session

* Gold miners shine on higher bullion (Adds details)

By Ka Yan Ng

TORONTO, April 7 (Reuters) - Toronto's main stock index finished more than 2 percent lower on Tuesday, hurt by lower oil prices and worries about toxic assets in the global banking industry.

Oil prices fell more than 3 percent to nearly $49 a barrel and pulled down the energy group 2.7 percent. Shares of EnCana Corp (ECA.TO: Quote), one of the biggest drags on the overall index, were down 3.7 percent at C$52.84, while Canadian Natural Resources (CNQ.TO: Quote) was off 3.8 percent at C$51.47.

Worries about the health of the global banking system were raised anew on Tuesday as the market focused on what may be revealed in upcoming earnings statements.

Toronto's financial sector was down 2.7 percent, pressured also by news that the International Monetary Fund was to soon forecast that toxic assets racked up by banks and insurers could hit $4 trillion. [ID:nT186243]

Royal Bank of Canada (RY.TO: Quote) was off 2.1 percent at C$37.40, while Bank of Nova Scotia (BNS.TO: Quote) dropped 2.97 percent to C$30.76.   Continued...