CANADA STOCKS-TSX slumps 2 pct on weak global data

Wed Nov 23, 2011 11:04am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

   * TSX down 241.85 pts, or 2 pct, to 11,553.34
 * Materials, energy lead losses
 * China, Germany economic data weighs
 (Adds details, analyst comment)
 By Jon Cook
 TORONTO, Nov 23 (Reuters) - Toronto's main stock index sank
2 percent on Wednesday morning as resource issues tumbled on
soft economic data from the United States, China and Europe,
and on fears the euro zone's debt contagion had spread to
 A slowdown in Chinese and European manufacturing, coupled
with a poor sale of German bonds, higher U.S. jobless numbers
and flat consumer spending, sparked fears of a global slowdown.
 "It's ugly," said Sal Masionis, a stockbroker at Brant
Securities. "You really have two punches in one day; it's very
very serious."
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE sank 241.85 points, or 2 percent, to 11,553.34. It
was the TSX's lowest level since Oct. 6.
 Commodities took it on the chin, as prices for oil, gold,
copper and other base metals fell sharply, sending energy and
materials issues spiraling downward. [ID:nL4E7MN1O1]
 The contraction in China and Europe dragged oil prices
lower, sending energy stocks down nearly 3 percent. [O/R]
 Suncor Energy (SU.TO: Quote) led the sector's retreat, sliding
more than 4 percent to C$29.15.
 Heavily weighted materials issues were pulled lower by
plunging gold prices, which dropped more than 1 percent as the
intensifying euro zone debt crisis pushed up the safe-haven
appeal of the U.S. dollar. [GOL/]
 Goldcorp Inc (G.TO: Quote) was the biggest decliner, dropping 3
percent to C$50.80.
 (Editing by Rob Wilson)