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: Quote) fell 3.1 percent to C$49.70, while Barrick Gold ABX.TO 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...