CANADA STOCKS-TSX dives 4 pct as economy weighs

Tue Jan 20, 2009 5:23pm EST
 
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* Energy, financials lead TSX retreat

* Materials only advancer as gold issues shine

* Suncor biggest decliner, reports rare loss (Adds details, official numbers, analyst comments)

By Natalie Armstrong

TORONTO, Jan 20 (Reuters) - Toronto's main stock index fell 3.8 percent on Tuesday as a relentlessly gloomy global economic outlook spurred a broad-based selloff led by energy and financial issues.

While oil prices jumped 6 percent ahead of the expiration of the February U.S. futures contract, energy shares led the TSX retreat, slumping 6.8 percent.

Shares of Suncor Energy (SU.TO: Quote), the day's biggest decliner, slumped 15.84 percent to end at C$22.10 after Canada's second-biggest oil sands producer reported its first quarterly net loss in 16 years. It also announced it was slashing capital spending and halting a C$20.6 billion oil sands expansion. [ID:nBNG347039]

EnCana (ECA.TO: Quote) shares ended 5.5 percent lower, at C$52.67.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed down 336.55 points, or 3.81 percent, at 8,504.93. All but one of its 10 main sectors ended lower.   Continued...