CANADA STOCKS-TSX dragged lower by weak oils, financials

Wed Feb 18, 2009 4:33pm EST
 
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* TSX down 3rd straight day, falls 2.42 pct to 8,175.95

* Index touches 8,138.98, its lowest level in 2009

* Telecoms down 3.6 pct as Rogers slumps after results (Adds details, quotes)

TORONTO, Feb 18 (Reuters) - Toronto's main stock index fell broadly on Wednesday for a third straight session, touching a 2009 low, pressured by weak energy and financial issues and a slide by Rogers Communications Inc (RCIb.TO: Quote).

The heavily weighted financial services and energy sectors both retreated 3.6 percent, while telecoms also tumbled 3.6 percent.

EnCana Corp (ECA.TO: Quote) dropped 3.7 percent to C$49.40 and Royal Bank of Canada (RY.TO: Quote) fell 4.2 percent to C$26.98.

Rogers shed 7.7 percent to C$31.70 after the media and communications company said it swung to a quarterly loss as it took almost C$300 million in impairment charges on its conventional television business to reflect the impact of the weak economy. [ID:nN18418432]

The market's drop came even as U.S. President Barack Obama unveiled a plan that pledged up to $275 billion to help stabilize the troubled U.S. housing market. [ID:nN17400254]

"There continues to be a lot of skepticism about these big, billion-dollar packages being announced by the U.S government," said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.   Continued...