CANADA STOCKS-TSX tumbles again in broad-based retreat

Wed Jun 17, 2009 5:32pm EDT
 
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* TSX falls 241.29 points to 10,066.11

* First four-session skid in more than six months

* Energy shares lead latest selloff (Adds details and comments)

By Frank Pingue

TORONTO, June 17 (Reuters) - Toronto's main stock index finished lower for a fourth straight session on Wednesday as investors continued to pocket gains after the index staged a remarkable rally from the five-year low it hit in March.

The TSX index fell to its lowest closing level since May 22, with the selloff driven primarily by commodity shares, which were hit by a drop in oil prices and news of a production cut at key fertilizer maker Potash Corp of Saskatchewan (POT.TO: Quote).

Potash Corp was the biggest drag on the index as its shares fell 10.8 percent to C$107.91 after it announced additional potash production cuts late on Tuesday. [ID:nN17337111]

Energy companies were among the loss leaders as the price of oil initially fell further from its 2009 high above $73 a barrel, reached last week. [ID:nSP290171] Crude managed to rebound late in the day, however, settling up 56 cents, or 0.79 percent, at $71.03.

Oil's softness pushed Suncor Energy (SU.TO: Quote) shares down 4.86 percent to C$34.42, while EnCana Corp (ECA.TO: Quote) dropped 3.4 percent to C$57.00. The energy sector fell 3.45 percent.   Continued...