CANADA STOCKS-TSX tumbles as commodities, Alcoa weigh
* TSX down 101.46 points at 12,047.20
* Materials, energy lead index lower
By Claire Sibonney
TORONTO, April 13 (Reuters) - Toronto's main stock index extended its losses on Tuesday morning after a soft earnings report from U.S. aluminum giant Alcoa (AA.N: Quote) raised fears of a slow economic recovery and commodity prices weakened.
The materials sector dropped 1.5 percent, pressured by easing gold and base metal prices. Barrick Gold Corp (ABX.TO: Quote), the world's biggest producer, fell 2.2 percent to C$39.99, while Teck Resources (TCKb.TO: Quote) skidded 1.3 percent to C$44.83. [GOL/] [MET/L]
"The materials sector in particular is fairly negative due to Alcoa's earnings yesterday," said Youssef Zohny, associate portfolio manager at Van Arbor Asset Management in Vancouver.
"Alcoa is a great signal and a great gauge on the economic recovery. A lot of their goods have to do with economic sensitive goods that consumers and businesses use, so to see their top line sales disappoint a little bit, I think is definitely affecting the economically sensitive companies slightly," Zohny said.
On Monday, Alcoa kicked off earnings season with its fifth net loss in the past six quarters. When charges were excluded the earnings met Wall Street estimates, though revenues missed expectations. [ID:nLDE63C01X]
Oil prices fell on Tuesday for the fifth straight session to below $84 a barrel, sending the energy sector down more than 1 percent. [O/R] Continued...