CANADA STOCKS-TSX tumbles almost 2 pct as commodities slide

Mon Apr 11, 2011 3:29pm EDT
 
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   * TSX down 267.59 points, or 1.9 pct, at 13,940.84
 * All 10 sectors weaker
 * Oil, gold, copper prices fall
 (Updates to afternoon)
 By Claire Sibonney
 TORONTO, April 11 (Reuters) - Toronto's main stock index
slid sharply on Monday afternoon, falling more nearly 2 percent
in a broad decline led by weaker energy and materials shares on
the back of falling commodity prices.
 Gold miners skidded 3.3 percent after bullion eased from a
record high hit earlier in the day as an oil price retreat
dimmed some of gold's safe-haven attraction. [GOL/]
 Barrick Gold Corp (ABX.TO: Quote) shed 3.3 percent to C$50.34 and
Agnico Eagle (AEM.TO: Quote) slid 2.9 percent to C$62.02.
 Energy shares were down 3.2 percent as U.S. crude futures
fell nearly $3 a barrel to below $110 on prospects of a Libyan
peace deal. [O/R]
 Suncor Energy (SU.TO: Quote) sank 3.1 percent to C$43.27 and
Canadian Natural Resources (CNQ.TO: Quote) plunged 4.4 percent to
C$45.21.
 "Going back over the last week I've heard  so many
predictions that crude oil was on its way to $120 and I just
don't see that short term," said John Kurgan, senior market
strategist at commodity futures brokerage Lind-Waldock Canada.
 "Maybe longer term it's going to work its way back up there
but I think a lot of the funds that were pushing this thing
higher are probably taking some profits here."
  Base metal miners also tumbled, falling 2.6 percent as
copper pulled back from five-week highs on news of another
strong earthquake in Japan. [MET/L]
  At 3:17 p.m. (1917 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was down 267.59 points, or
1.9 percent, at 13,940.84. All 10 of its main sectors were
lower, including financials, down 0.8 percent.
The move pushed the index below significant support sitting
at the 50-day moving average around 14,000.
 Investors were also cautiously awaiting the start of U.S.
earnings season with Alcoa reporting after the bell. The Bank
of Canada will make a policy announcement on Tuesday but is
expected to hold interest rates steady.
 ($1=$0.96 Canadian)
 (Reporting by Claire Sibonney; editing by Rob Wilson)