CANADA STOCKS-TSX slides on worries about global growth

Wed Aug 11, 2010 4:49pm EDT
 
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*TSX drops 256.08 points, or 2.2 percent, to 11,582.21

*Energy and bank shares lead TSX lower

*Gloomy U.S. Federal Reserve comments spark selloff (Adds company news)

By Jennifer Kwan

TORONTO, Aug 11 (Reuters) - Toronto's main stock index fell to its lowest level in nearly three weeks on Wednesday as worries about global growth dragged down commodity-linked shares.

Suncor Energy (SU.TO: Quote) tumbled 4 percent to C$33.34 and fellow oil company Canadian Natural Resources (CNQ.TO: Quote) dropped 3.9 percent to C$34.71, hurt by a slide in oil prices to around $78 a barrel. [O/R]

The index's materials sector fell as copper prices tumbled to their lowest level in two weeks as investor confidence crumbled on renewed worries about growth prospects in the United States. [MET/L] Teck Resources (TCKb.TO: Quote) skidded 4 percent to C$34.61.

The TSX followed global markets lower as the U.S. Federal Reserve's gloomier assessment of the economy on Tuesday rattled investor confidence, and its measures to support recovery in the United States failed to satisfy. [.N] [ID:nN09275781]

The Fed's assessment was followed by a pessimistic outlook from the Bank of England on Wednesday as well as by data that showed softening domestic demand in China and growing trade deficits in Canada and the United States. [ID:nLDE67A15M] [ID:nTOE67A01A] [ID:nN15446129] [ID:nN11208864]   Continued...