CANADA STOCKS-TSX tumbles on resources, banks, profit-taking

Mon May 11, 2009 5:12pm EDT
 
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* Ends down 1.41 percent at 10,094.14

* TSX dips below 10,000 before rebounding

* Falling commodities lead slide

* Financials retreat 1.5 percent (Adds details, background)

By Ka Yan Ng

TORONTO, May 11 (Reuters) - Toronto's main stock index fell more than 1 percent on Monday as retreating commodity prices weighed on the resource-heavy market and as investors took profits following last week's big gains.

The energy group led all sectors lower, falling 3.1 percent as U.S. crude oil backed off a six-month high to slightly above $58 a barrel. The materials sector was off 0.73 percent as June gold GCM9 softened to $913.50.

Financials also weighed on the market as Canadian banks retreated along with U.S. lenders. News of several bank share offerings in the United States heightened worries about the dilutive impact on the still-fragile U.S. sector. [ID:nN11506115]

The heavyweight financials group slipped 1.5 percent as the sector gave back a sliver of its massive 60 percent rally since the TSX hit a low in March.   Continued...