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 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 was off C$1.23 at C$46.27. ($1=$1.02 Canadian) (Reporting by Scott Anderson; Editing by Renato Andrade)