CANADA STOCKS-TSX tumbles as golds sag, German ban weighs

Wed May 19, 2010 4:52pm EDT
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* TSX down 98.74 points, or 0.84 percent, at 11,665.77

* Gold issues lead broad decline

* Strength in banks helps to cut losses (Adds details, quotes)

By Jennifer Kwan

TORONTO, May 19 (Reuters) - Toronto's main stock index ended lower in a volatile session on Wednesday as gold miners tumbled on sliding bullion prices and investors worried over Germany's surprise crackdown on some speculative trading.

Gold miners were among the top movers to the downside as bullion prices skidded below $1,200 an ounce [GOL/].

Barrick Gold Corp ABX.TO ended down 3.6 percent at C$44.46 with Goldcorp G.TO lower by 4.3 percent at C$44.11. Kinross Gold K.TO shed 4.1 percent to C$18.05 and Agnico-Eagle Mines AEM.TO dropped 4.4 percent to C$61.90.

The TSX index was also dragged lower as investors fretted that Germany's ban on some riskier short-selling bets foreshadowed tighter financial regulation in other nations.

Germany banned "naked" short sales of euro-denominated government bonds, credit default swaps based on those bonds and shares of the country's 10 leading financial institutions, in a move that appeared to catch its partners in the European Union off guard. [ID:nSGE64I073]   Continued...