CANADA STOCKS-TSX slumps on weak resources, growth concerns

Thu May 20, 2010 10:53am EDT
 
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* TSX slumps 2.14 percent to 11,415.94

* All 10 groups lower; 8 down more than 1 pct (Adds details)

By Ka Yan Ng

TORONTO, May 20 (Reuters) - Toronto's main stock index fell sharply on Thursday, as heavyweight resource issues led a broad-based retreat sparked by concerns over Europe's economic outlook.

By midmorning, the TSX had slumped to 11,409.45, its lowest level since Feb. 12, as investors feared that austerity measures needed to rescue fiscally weak euro zone countries would undercut the global economic recovery.

Key decliners included Suncor Energy (SU.TO: Quote), which dropped 3.7 percent to C$30.01, while Canadian Natural Resources (CNQ.TO: Quote) fell 3.3 percent to C$33.66.

Teck Resources TCKb.TO lost 4 percent to C$31.38, while Royal Bank of Canada (RY.TO: Quote) was off 1.9 percent at C$59.40. Bank of Nova Scotia (BNS.TO: Quote) tumbled 3 percent to C$48.75.

An unexpected jump in weekly U.S. jobless claims added to concerns about economic growth at a time when markets are already increasingly worried about the impact of new financial regulations. [ID:nN20125298]

At 10:30 a.m. (1430 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 249.83 points, or 2.14 percent, at 11,415.94.   Continued...