CANADA STOCKS-TSX slides as financials fall on US report

Wed Oct 21, 2009 5:09pm EDT
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* TSX falls 0.83 percent to 11,442.02

* Bank, insurers drop with U.S. financials after downgrade

* Gold shares reverse despite firmer gold price

By Ka Yan Ng

TORONTO, Oct 21 (Reuters) - Toronto's main stock index slid hard late in the day on Wednesday as bank and insurance shares fell on a U.S. analyst's report and as profit-taking hit gold-mining shares despite higher gold prices.

Banks and insurers in Toronto tracked U.S. financial stocks, which were hit by a late-day sell-off after an influential analyst recommended selling Wells Fargo stock. [ID:nWNAB2127]

Toronto-Dominion Bank TD.TO led all decliners, dropping 1.65 percent to C$64.20, followed by Manulife Financial MFC.TO, off 2.5 percent at C$21.80.

The S&P/TSX composite index .GSPTSE closed down 96.10 points, or 0.83 percent, at 11,442.02, its first significant drop in a week.

The main index has traded without much conviction recently as investors have tried to reconcile mixed earnings reports and economic indicators from Canada and the United States, a stronger Canadian dollar, and commodity prices that have pushed higher. The TSX is up 53 percent since March.   Continued...