CANADA STOCKS-TSX lower as credit worries drag down miners

Wed Jan 27, 2010 12:36pm EST
 
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* TSX down 0.35 percent at 11,321,71

* Miners lead slide; golds, oils also lower

* Teck Resources sags almost 6 percent (Adds details, updates prices)

By Claire Sibonney

TORONTO, Jan 27 (Reuters) - Toronto's main stock index fell on Wednesday with the heavily weighted materials sector pulled down by concerns about the global economic recovery and demand for key commodities.

The TSX's mining sub-sector was the biggest drag on the market, tumbling more than a 3 percent.

Teck Resources (TCKb.TO: Quote) led the slide, falling 5.7 percent to C$36.50, as industrial metals tumbled to multi-week lows on persistent worries over monetary tightening in China and uncertainty over U.S. plans to limit banks' risk-taking. [MET/L]

"You really need that China card to play out ... no one had it in their head that the Chinese really want to slow down their economy," said Paul Gardner, partner and portfolio manager at Avenue Investment Management.

"Overall, the commodities have had a run and there's going to be real pressure on them on the downside -- selling pressure," said Gardner.   Continued...