CANADA STOCKS-TSX dives as Greek bailout vote slams markets

Tue Nov 1, 2011 11:47am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

 * TSX down 197 points, or 1.6 percent, at 11,054.87
 * Greek bailout referendum, MF Global drag
 * Index's financial, energy sectors fall more than 2 pct
 (Adds details, analyst's comments)
 By Jon Cook
 TORONTO, Nov 1 (Reuters) - Toronto's main stock index was
sharply lower late on Tuesday morning but off the steep lows it
hit just after the open as global markets staggered on news
that Greece will hold a referendum on the hard-won euro-zone
bailout package.
 A Greek vote against a 130 billion euro rescue package
could result in a disorderly default on the country's debt and
hamper efforts to stop the euro zone's debt woes from spiraling
into a global crisis. [MKTS/GLOB]
 "We're back to the uncertainty of where we are and where
we're going, and when you have that the markets are going to
vote with their feet," said Peter Chandler, senior vice
president and director at Canaccord Wealth Management in
 "Until we get something clear, that's definitive, then
we're not going to get out of the range, upside or downside."
 Also pushing down markets was Monday's bankruptcy
announcement by U.S. futures broker MF Global MF.N, and data
that showed an unexpected slowdown in Chinese manufacturing.
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE was down 197.32 points, or 1.6 percent, at 12,054.87
late on Tuesday morning after falling as low as 11,913.72, its
lowest point in nearly two weeks, shortly after the open.
  All of the index's 10 main sectors were negative, led by
financial and energy stocks, which both dropped more than 2
 Among financial shares, Royal Bank of Canada RY.TO led
the sector's 2.5 percent drop, falling 2.8 percent to C$47.28.
Bank of Nova Scotia BNS.TO fell 2 percent to C$51.51, and
Toronto-Dominion Bank TD.TO was down 2.6 percent at C$73.25.
 The energy sector was down more than 3 percent as oil
prices slipped in the face of a stronger U.S. dollar. [O/R]
 Suncor Energy SU.TO, down 3.8 percent at C$30.54, and
Canadian Natural Resources CNQ.TO, down 3.8 percent at
C$33.83, were two of the biggest drags.
 Base metals mining shares fell more than 5 percent, pulling
down the heavily weighted materials sector by 1.8 percent. In
that group, fertilizer producer Potash Corp POT.TO fell 2.4
percent to C$46.06, and diversified miner Teck Resources
TCKb.TO was down more than 6 percent at C$37.25.
 ($1=$1.01 Canadian)
 (Editing by Peter Galloway)