CANADA STOCKS-TSX dives 4 pct as economy weighs

Tue Jan 20, 2009 5:23pm EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* 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, 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 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...