UPDATE 3-Financial worries knock Toronto stocks lower

Mon Aug 25, 2008 5:29pm EDT
 
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(Adds details, quotes)

* TSX slumps 1.2 percent in broad decline

* Financials weigh amid persistent credit jitters

* Maple Leaf hits 52-week low after meat recall

By Leah Schnurr

TORONTO, Aug 25 (Reuters) - The Toronto Stock Exchange's main index gave up more than 150 points on Monday in a broad slump prompted by weak financials, as worries over growing fallout from the credit crisis rattled investor confidence.

Home-grown anxiety also weighed on the large financial sector as the major Canadian banks are set to report quarterly results this week. The group was down 1.9 percent.

Analysts said that expectations for the banks have been significantly lowered, and while they are optimistic there won't be any nasty surprises, the results will be weaker than last year.

Bank of Nova Scotia (BNS.TO: Quote) and Bank of Montreal (BMO.TO: Quote) are set to kick off the round of reports on Tuesday. Scotiabank closed down 2 percent at C$47.64, while BMO also slipped 2 percent to close at C$44.06.   Continued...