CANADA STOCKS-Commodity prices pull TSX lower for 3rd day

Wed Jul 8, 2009 4:56pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX falls 1.94 percent to 9,653.45

* Third triple-digit decline in three days (Adds details, updates numbers)

By Ka Yan Ng

TORONTO, July 8 (Reuters) - Toronto's main stock index fell on Wednesday for a third straight session as lower commodity prices shook the resource-heavy market, while financials again dropped on doubts about global economic recovery.

The S&P/TSX composite index .GSPTSE booked its third triple-digit decline in a row as hopes for a quick way out of recession faded fast.

"I think this is just a day where we're seeing another swing as investors get more concerned about how fast growth will be and, as a result, how strong the rebound will be," said Kate Warne, Canadian market strategist at Edward Jones in St. Louis, Missouri.

The S&P/TSX composite index closed down 190.90 points, or 1.94 percent, at 9,653.45. Nine of the 10 TSX sectors were lower.

The mining-laden materials sector led the retreat with a drop of 3.94 percent as the price of gold sagged as the U.S. dollar strengthened. A stronger U.S. dollar makes the precious metal more expensive for holders of other currencies.

The price of oil, a key driver for the energy-heavy TSX, sank towards $60 a barrel. The TSX index's energy group shed 1.9 percent.   Continued...