CANADA STOCKS-TSX tumbles on weak oils, U.S. bank fears

Mon Apr 20, 2009 4:45pm EDT
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* TSX tumbles 3.3 percent to 9,126.15

* New U.S. bank worries spook financials

* Oil gives up more than 8 percent

* Materials group the lone gainer (Adds official numbers, comments, details)

By Wojtek Dabrowski

TORONTO, April 20 (Reuters) - Toronto's main stock index tumbled more than 3 percent on Monday as investors fled the market amid a sharp drop in the price of oil and new concerns over the vitality of U.S. banks.

Nine of the TSX's 10 sectors fell, including the heavily weighted energy and financials groups, which dropped 6.5 percent and 5.1 percent, respectively.

The resource-rich materials group was the sole winner, adding 2.7 percent on the day as investors sought out gold, which is considered a defensive investment.

The S&P/TSX composite index .GSPTSE fell 311.50 points, or 3.3 percent, to close at 9,126.15.   Continued...