CANADA STOCKS-TSX sags to 2009 low in broad-based retreat

Wed Feb 18, 2009 11:12am EST
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* TSX down 2.04 percent at 8,207.50

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

* Telecoms down 2.3 pct as Rogers slumps after results (Adds details, quotes)

By Jennifer Kwan

TORONTO, Feb 18 (Reuters) - Toronto's main stock index fell broadly on Wednesday morning, hitting a 2009 low, pressured by weak resource and financial issues, while telecoms sagged after Rogers Communications Inc RCIb.TO reported a quarterly loss.

Heavily weighted sectors on the downside included financials, which fell 2.8 percent, and materials, which dropped 1.3 percent. The energy group retreated 2.2 percent.

EnCana Corp ECA.TO fell 3.1 percent to C$49.70, while Barrick Gold (ABX.TO: Quote) retreated 1.6 percent to C$46.45.

The telecom sector was down 2.3 percent as Rogers shed 6.8 percent to C$32.00. 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 also came under pressure a day after General Motors Corp (GM.N: Quote) and Chrysler LLC [CBS.UL] submitted restructuring plans and requested nearly $22 billion in additional U.S. government loans. [ID:nSP396962] nLH623622   Continued...