CANADA STOCKS-TSX pulled down by weak commodity prices

Mon Mar 22, 2010 10:33am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX down 73.41 points, 0.61 percent, at 11,874.57

* Energy, materials sectors lead index lower

By Claire Sibonney

TORONTO, March 22 (Reuters) - Toronto's main stock index fell for a third consecutive session on Monday as easing prices for oil and other key resources pressured its heavily weighted energy and resource components.

Natural gas major EnCana Corp (ECA.TO: Quote) declined 2.2 percent to C$30.68, while Suncor Energy Inc (SU.TO: Quote), Canada's largest oil company, retreated 0.5 percent to C$31.12.

U.S. crude oil futures fell more than $2 as the safe-haven U.S. dollar strengthened against the euro amid concerns about debt-stricken Greece, while natural gas futures also lost ground, sending the energy sector down 1.3 percent. [O/R]

The market's mood was also affected by more losses on European stock markets, which were weighed down by banks and commodity stocks. As well, most of Asian markets were down as investors fretted over further monetary tightening in emerging markets after a surprise interest rate hike by India last week.

At 10:10 a.m. (1410 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 73.41 points, or 0.61 percent, at 11,874.57.

"The market's opened a little on the negative side with the spillover effect from the European and Asian markets but they're trying to right themselves here off our lows," said Bruce Latimer, a trader at Dundee Securities.   Continued...