CANADA STOCKS-Weak commodities, US housing data hit TSX hard

Tue Jun 22, 2010 5:02pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

*TSX down 138.14 points, or 1.2 percent, at 11,797.94

*Nine of index's 10 main groups fall

*Biovail continues to rally, up 13 percent (Adds details, quotes)

By Claire Sibonney

TORONTO, June 22 (Reuters) - Toronto's resource-heavy main stock index tumbled on Tuesday, pushed lower by weaker commodity prices and a surprise drop in U.S. home sales.

The index's energy sector fell 2.3 percent as Suncor Energy (SU.TO: Quote) dropped 2.4 percent to C$33.73, and Encana Corp (ECA.TO: Quote) lost 3.1 percent to C$34.16.

Base-metal miners declined 3.2 percent as Teck Resources TCKb.TO shed 3 percent to C$35.57, and First Quantum Minerals (FM.TO: Quote) fell 3.1 percent to C$62.60.

The hefty drop in resource-linked shares followed a drop in oil and base metals prices as expectations grew that a slow rise in China's yuan would have a more limited impact on demand than initially anticipated. [O/R] [MET/L]

"Softer prices are a natural sort of corollary to concerns about slowing global growth," said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.   Continued...