CANADA STOCKS-TSX tumbles on concern over Libya turmoil

Tue Feb 22, 2011 2:21pm EST
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* TSX drops to near 1-week low, down 1.2 pct at 13,954.22

* Nine of 10 sectors fall, led by materials, financials

* Energy sector is lone riser, up 0.6 pct (Adds details)

By Ka Yan Ng

TORONTO, Feb 22 (Reuters) - Toronto's main stock index tumbled on Tuesday afternoon, as turmoil in Libya and elsewhere in the Middle East shook investor confidence.

Decliners were broad-based, with shares from the materials and financials groups showing some of the heaviest losses, down 2 percent and 1.43 percent, respectively. Energy issues were an exception, as the Libyan unrest lifted crude prices.

Potash Corp (POT.TO: Quote) fell 4.5 percent to C$56.50, while Bank of Nova Scotia (BNS.TO: Quote) lost 2.06 percent to C$59.35.

Other notable decliners included BlackBerry maker Research in Motion RIM.TO, down 3 percent at C$66.85, while Bombardier (BBDb.TO: Quote), one of the world's biggest aircraft makers, slipped 5.5 percent to C$6.21.

"As far as the general theme is concerned, the unrest in the Middle East is spreading and markets worldwide are pretty nervous," said Levente Mady, market strategist at Union Securities, in Vancouver.   Continued...