CANADA STOCKS-TSX dragged lower by falling commodity prices

Wed Jul 8, 2009 11:54am EDT
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* TSX down 2.31 percent at 9,617.16

* Materials sector tumbles 3.6 percent

* Investors shrug off upbeat IMF economic report (Adds details and quotes)

By Nina Lex

TORONTO, July 8 (Reuters) - Toronto's main stock index fell to its lowest level in over a month on Wednesday as a slide in commodity prices dragged the resource-heavy composite down more than 2 percent.

The materials sector led the retreat with a drop of 3.6 percent, as the price of gold fell alongside a stronger U.S. dollar, which makes the precious metal more expensive for holders of other currencies.

Shares of Barrick Gold ABX.TO were down 3.6 percent at C$36.82 while Goldcorp G.TO fell 3.5 percent to C$38.19.

"Commodity prices will probably be the continued driving factor in the market for now," said Rick Hutcheon, president and chief operating officer at RKH Investments.

At 11:30 a.m. (1530 GMT), the S&P/TSX composite index .GSPTSE was down 227.19 points, or 2.31 percent, at 9,617.16. Nine of its 10 main groups were lower.   Continued...