CANADA STOCKS-TSX hit by Goldman charges, resources drop

Fri Apr 16, 2010 4:37pm EDT
 
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* TSX sags 1.15 percent to 12,070.66

* Energy, financials, materials big decliners

* SEC charges Goldman Sachs with fraud (Updates to close)

By Ka Yan Ng

TORONTO, April 16 (Reuters) - Toronto's main stock index fell more than 1 percent on Friday as financial and resource issues were knocked lower by news that Goldman Sachs has been charged with fraud by the U.S. securities regulator.

U.S. equity markets also tumbled after the Securities and Exchange Commission alleged fraud in the investment bank's structuring and marketing of a debt product tied to subprime mortgages, which cost investors more than $1 billion. [ID:nN16131161]

The Toronto index's heavily weighted financial sector dropped 0.69 percent, with Toronto-Dominion Bank (TD.TO: Quote) off 1.08 percent at C$76.13. Insurance giant Manulife Financial (MFC.TO: Quote) fell 2.12 percent to C$19.40.

But Royal Bank of Canada (RY.TO: Quote), the country's biggest lender, managed to eke out a gain of 0.03 percent to C$61.39.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended down 140.86 points, or 1.15 percent, at 12,070.66, after hitting a one-week low earlier in the session following the Goldman news.   Continued...