CANADA STOCKS-TSX drops as commodities weaken

Tue Nov 11, 2008 4:44pm EST
 
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*Energy down 4.5 pct, materials drop 4.9 pct

*Teck sinks 20 pct, says no plan to issue equity

*Cameco sags after higher profit, says to review projects

*CIBC World Markets says market could be at bottom (Adds official closing figures, adds details)

TORONTO, Nov 11 (Reuters) - The Toronto Stock Exchange's main index fell broadly on Tuesday, led down by a drop in the energy and materials sectors, which were lower as commodity prices were hit by demand concerns.

Investor concern about the impact an economic downturn would have on oil demand helped to push the price of crude to $59.33 a barrel [ID:nT244407], while a firmer U.S. dollar pressured gold and base metals prices. [ID:nN11550829] For more details, see: [ID:nN11578709]

The benchmark index's energy sector fell 4.5 percent, and the materials group dropped 4.9 percent.

Heavily-weighted stocks that helped pull the index lower included EnCana Corp (ECA.TO: Quote), down 3.5 percent at C$56.94, Canadian Natural Resources (CNQ.TO: Quote), which sank 7 percent to C$53.46, and Manulife Financial (MFC.TO: Quote), which dropped 3.4 percent to C$25.75.

Barrick Gold Corp (ABX.TO: Quote) fell 4.9 percent to C$28.48, while Goldcorp (G.TO: Quote) dropped 6.3 percent to C$25.81.   Continued...