UPDATE 1-Toronto stocks drop as GE stokes recession worries

Fri Apr 11, 2008 10:17am EDT
 
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TORONTO, April 11 (Reuters) - Toronto's main stock market index dropped more than 100 points on Friday as disappointing results from U.S. bellwether General Electric (GE.N: Quote) stoked worries that the worst of the global economic woes were far from over.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 127.72 points, or 0.9 percent, at 13,781.72.

All 10 of the TSX index's main groups were lower with the resource-laden materials group down 1 percent and the heavily weighted financial group off 1.3 percent.

Investors pushed the panic button after GE reported a disappointing first-quarter profit and lowered its earnings forecast for the year, stirring recession fears, as a slowdown in the economy and the credit crisis hit the company's financial, industrial and health-care units.

Among the stocks slipping early were Research In Motion RIM.TO, which dropped C$2.47 to C$120.90 and Fording Canadian FDG_u.TO, which fell C$1.75 to C$63.00. Canadian insurer Sun Life Financial (SLF.TO: Quote) was off C$1.23 at C$46.27. ($1=$1.02 Canadian) (Reporting by Scott Anderson; Editing by Renato Andrade)