CANADA STOCKS-TSX falls 3 pct on profit fears; Nortel sinks

Wed Jan 14, 2009 5:35pm EST
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* Nortel plunges 69 pct, files for bankruptcy protection

* Media companies post mixed results, outlook gloomy

* Nine of 10 sectors drop, consumer staples the exception

* Lower oil prices contribute to index's latest slide

* TSX down 3.3 percent on the year after strong start (Adds details, analysts' comments)

By Ka Yan Ng

TORONTO, Jan 14 (Reuters) - Toronto's main stock index fell 3.1 percent on Wednesday as jitters about upcoming corporate earnings and the state of the global economy weighed on sentiment, while Nortel Networks NT.TO shares dropped on news that it has filed for bankruptcy protection.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed down 273.19 points, or 3.1 percent, at 8,688.36. Earlier, it fell as low as 8,608.63, a loss of 3.9 percent, marking its lowest level since Dec. 30.

After charging out of the gate in 2009 with a string of solid gains that had the index up 5.76 percent last week, a few losing sessions, mostly at the hand of lower oil prices, have now left the market down 3.3 percent on the year.   Continued...