CANADA STOCKS-TSX falls on oil's drop as market restarts

Thu Dec 18, 2008 11:18am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

*Toronto, TSX Venture exchanges open after Wednesday halt

*TMX Group shares sag 0.7 percent after outage

*Energy leads TSX lower as oil falls below $40 a barrel (Adds quote, details)

By Jennifer Kwan

TORONTO Dec 18 (Reuters) - Toronto's main stock index fell on Thursday morning, led lower by energy stocks as the price of oil tumbled, with trading restarting after the Toronto Stock Exchange was shut down Wednesday due to a technical glitch.

Heavily weighted stocks that led the market lower included oil company EnCana Corp (ECA.TO: Quote), down 3.7 percent at C$54.95, and miner Goldcorp Inc (G.TO: Quote), which was down 10 percent at C$35.35.

At the open, all eyes were on the market's operations as the outage on Wednesday frustrated users and sent business to rival marketplaces.

Shares of TMX Group Inc (X.TO: Quote), which operates the Toronto exchange and the small-cap TSX Venture Exchange, which was also shut down on Wednesday, were off 0.7 percent to C$24.42.

Cormark Securities analyst Jeff Fenwick, who maintains a buy recommendation on TMX with a price target of C$45.50, said the glitch made for bad headlines and brokerages lost trading commissions for the day.   Continued...