CANADA STOCKS-TSX falls on weak results, lower oil

Thu Feb 12, 2009 10:37am EST
 
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* Financials lead TSX lower, insurers slump after results

* Energy sector down as oil drops below $35 a barrel

* Gildan Activewear drops 20.7 percent after results

(Adds details, quote)

TORONTO, Feb 12 (Reuters) - Toronto's main stock market index opened broadly lower on Thursday, pulled down by weak corporate results and a drop in oil and base metals prices.

The financial services sector, down 2.4 percent, led the TSX lower while the energy sector fell 2.1 percent as the price of oil CLc1 fell to below $35 a barrel on demand concerns. [ID:nSYD417720]

Heavily-weighted stocks on the downside included Manulife Financial (MFC.TO: Quote), down 5 percent at C$18.41, and Sun Life Financial (SLF.TO: Quote), which dropped 3.9 percent at C$22.11.

Manulife reported a quarterly loss, hit by a jump in reserves and plummeting global stock markets. [ID:nN12442902] Sun Life quarterly profit dropped nearly 77 percent. [ID:nBNG408692]

In the oil patch, Canadian Natural Resources (CNQ.TO: Quote) fell 2.4 percent to C$42.10, while Suncor Energy (SU.TO: Quote) sank 3.2 percent to C$23.78.   Continued...