CORRECTED - CANADA STOCKS-TSX knocked lower by slumping financials

Wed Nov 19, 2008 5:42pm EST
 
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(Corrects paragraph 9 to show Scotiabank reports earnings on Dec. 2, but does not kick off banks' earnings season)

* Market down 2.5 pct after bouncing around after open

* Financials lead slide after gloomy Scotiabank news

* Rally in gold issues helps cushion decline (Adds details)

By Frank Pingue

TORONTO, Nov 19 (Reuters) - The Toronto Stock Exchange's main index was down more than 200 points by late morning on Wednesday after a see-saw open when heavily weighted financial shares were hit hard and gold shares rallied sharply.

The market initially opened lower and erased the 40-point gain recorded in the previous session, but later reversed and rose as much as 36 points as shares in gold-mining companies rallied around a higher gold price.

But the slim gain was short-lived as the market moved back into negative territory along with other North American equity indexes that were feeling pressure from financial issues.

By 11:35 a.m. (1635 GMT), the S&P/TSX composite index .GSPTSE was down 217.45 points, or 2.46 percent, at 8,618.28, with eight of its 10 sectors in negative territory.   Continued...