CANADA STOCKS-TSX falls for third straight session

Wed Mar 9, 2011 5:16pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX ends down 0.92 percent at 13,884.71

* Seven of 10 main sectors finish lower

* Brent crude above $115, U.S. crude above $104 (Updates to market close with details, commentary)

By John McCrank

TORONTO, March 9 (Reuters) - The losing streak on Toronto's main stock index extended to a third straight session on Wednesday as rising violence in Libya and concerns over debt-laden Portugal prompted nervous investors to lighten positions, dragging the market down nearly 1 percent.

The materials sector, home to miners, was the biggest drag on the index, sliding 2.25 percent as metals such as copper and zinc fell in response to rising oil prices. [GOL/] [MET/L]

First Quantum Minerals (FM.TO: Quote) dropped 5.61 percent to C$111.92, while Inmet Mining IMN.TO was down 3.31 percent at C$64.61, and Teck Resources TCKb.TO fell 3.53 percent to C$50.87.

Intense fighting in Libya added to energy supply concerns, giving a bid to Brent Crude prices, which climbed above $115 a barrel. U.S. oil prices pared early gains, but stayed above $104. [O/R] [ID:nL3E7E90A6]

"With the resource stocks, people are nervous about the economy because at some point, obviously, energy prices have an impact on the economy," said Paul Hand, managing director at RBC Capital Markets.   Continued...