CANADA STOCKS-U.S. confidence data rattles TSX

Fri Aug 14, 2009 11:19am EDT
 
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* TSX drops 0.8 percent to 10,738.50

* U.S. Aug consumer confidence at lowest point since March

* Energy, materials groups the heaviest decliners (Adds details)

By Ka Yan Ng

TORONTO, Aug 14 (Reuters) - Toronto's main stock index fell sharply on Friday morning as darkening U.S. consumer confidence rattled the market and softened commodities.

Figures that showed U.S. consumer confidence fell in early August to its lowest level since March [ID:nN14294408] undermined the market's faith in economic recovery and helped push seven of the TSX index's 10 main groups into the red.

The confidence data also hit prices of key commodities, putting pressure on the resource-heavy index. Oil fell below $69 a barrel, giving up earlier gains, while gold also fell after it was up near $960 per ounce.

The energy group lost 1.47 percent, while materials shed 1.5 percent.

Key decliners included Suncor Energy (SU.TO: Quote), down 2.8 percent at C$35.43. Miner Goldcorp (G.TO: Quote) fell 2 percent to C$38.74.   Continued...