Toronto stocks tumble as credit woes roil anew

Mon Mar 10, 2008 4:50pm EDT
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By Wojtek Dabrowski

TORONTO (Reuters) - The Toronto Stock Exchange's main index tumbled more than 275 points to its lowest level in about a month on Monday as renewed credit worries weighed on investors.

The S&P/TSX composite index .GSPTSE fell 276.63 points, or 2.08 percent, to close at 13,005.09 in a broad-based selloff.

"This credit problem rears its ugly head at least twice a week now and I think people are getting more and more nervous," said John Kinsey, portfolio manager at Caldwell Securities in Toronto. "I think it's just simply more of the same."

The S&P/TSX 60 index of Canadian bluechips lost 16.62 points to end at 763.48.

The main index plunged more than 300 points before recovering slightly late in the day. Still, all but one of its 10 main groups finished in the red.

Telecoms were the lone bright spot, where BCE Inc (BCE.TO: Quote) racked up gains after a Quebec court approved its C$34.8 billion buyout by private-equity investors and dismissed claims by bondholders who said the deal was unfair.

BCE rose C$1.92, or 5.4 percent, to end at C$37.72 while the sector added 0.26 percent as a whole.

The heavyweight energy and materials groups lost 1.59 percent and 4.23 percent, respectively. Financials shed 2.25 percent.   Continued...

<p>A Toronto Stock Exchange (TSX) logo is seen in Toronto November 9, 2007. The Toronto Stock Exchange's main index was expected to fall on Monday, depressed by a drop in commodity prices and news that energy producers in Canada will be forced to capture much of their carbon emissions. REUTERS/Mark Blinch</p>