November 11, 2010 / 3:27 PM / 7 years ago

CANADA STOCKS-TSX stumbles as European debt woes weigh

3 Min Read

   * TSX down 72.16 points, or 0.56 percent, at 12,870.48
 * All 10 main groups lower
 * Canadian Tire rises nearly 3 pct after results  (Adds details, quote)
 By Jennifer Kwan
 TORONTO, Nov 11 (Reuters) - Toronto's main stock index fell on Thursday as European debt woes and a dismal outlook from Cisco Systems sparked a broad market selloff.
 Influential movers on the downside were Royal Bank of Canada (RY.TO), Canada's biggest lender, down 0.9 percent at C$53.74, and Toronto-Dominion Bank (TD.TO), off 0.8 percent at C$73.02.
 "There's jitters coming from Europe ... so banks are still under pressure," said Francis Campeau, broker at MF Global Canada, in Montreal.
 Heavily weighted financial shares fell 0.7 percent, while energy shares declined down 0.3 percent.
 Apart from European debt levels, concerns about the U.S. Federal Reserve's asset purchases and the Group of 20 summit in Seoul were some of the other factors keeping investors somewhat cautious.
 At 10:05 a.m. (1505 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 72.16 points, or 0.56 percent, at 12,870.48, with all of its 10 main sectors in the red.
 In the oil patch, Suncor Energy (SU.TO) dropped 1.1 percent to C$35.93, while Canadian Natural Resources (CNQ.TO) sank 0.4 percent to C$39.86.
 The information technology sector also weighed on the market, down 1.3 percent, as Cisco Systems Inc (CSCO.O) gave a dismal revenue outlook, stunning investors who had hoped for proof of a recovery in technology spending. The news sent U.S. stocks lower. [ID:nN10245398] [.N]
 Campeau said that negative impact on the U.S. market spilled over into Canada. Research in Motion RIM.TO fell 1.5 percent to C$57.71.
 A mix of miners fought to move the index higher including Cameco Corp (CCO.TO), up 0.8 percent at C$36.67, and Yamana Gold (YRI.TO) Inc, which climbed 0.6 percent to C$11.80.
 Canadian Tire Corp (CTC.TO) rose 2.9 percent to C$68.25 after the retailer reported a 21 percent jump in net earnings on Thursday on higher retail sales in key categories and a strong performance in its financial services division. [ID:nN11279801]
 ($1=$1.00 Canadian)  (Editing by Jeffrey Hodgson)                                        

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