CANADA STOCKS-TSX down 1 percent as Manulife shares unloaded

Thu Nov 19, 2009 10:17am EST
 
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 * TSX down 125.91 points at 11,526.78
 * Manulife shares headline selloff
 By Irene Kuan
 TORONTO, Nov 19 (Reuters) - Toronto's main stock index
dropped more than 1 percent on Thursday, dragged down by
Manulife Financial  MFC.TO as investors reacted to a major
stock offering by the insurer.
 Shares of Manulife Financial were down 7 percent at
C$18.74, while fellow insurer Sun Life Financial SLF.TO
dropped 4.5 percent to C$27.40.
 After the markets closed on Wednesday Manulife, Canada's
top life insurer, said it planned to issue C$2.5 billion ($2.3
billion) in equity. [ID:nN18483228]
 "We've had such a strong market in a short period of time
and often times, you just need a little trigger to get people
to sell," said Ian Nakamoto, director of research at
MacDougall, MacDougall & MacTier.
 The TSX has rallied 54 percent since falling to a five year
low in March.
 At 10:15 a.m. (1515 GMT), the S&P/TSX composite index
.GSPTSE was down 125.91 points, or 1.08 percent, at
11,526.78.
 ($1=$1.07 Canadian)
 (Reporting by Irene Kuan; Editing by Jeffrey Hodgson)