CANADA STOCKS-TSX slides as stimulus doubts hit commodities

Wed Oct 27, 2010 10:56am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX down 132.11 points at 12,552.57

* Eight of 10 sectors weaker (Adds details, quotes)

By Claire Sibonney

TORONTO, Oct 27 (Reuters) - Toronto's resource-heavy stock index fell on Wednesday as mounting doubts about the size and timing of new U.S. economic stimulus measures pushed up the U.S. dollar and weighed on commodity prices.

Prices for oil, gold and base metals all slipped as a rising greenback made commodities more expensive for holders of other currencies, pressuring the key resource sectors down.

Energy shares fell 0.9 percent and materials skidded 1.7 percent.

Among the biggest decliners were Suncor Energy (SU.TO: Quote), down 1.5 percent at C$32.84, Barrick Gold Corp (ABX.TO: Quote), down 2 percent at C$46.84, and Teck Resources TCKb.TO, which fell 3.1 percent to C$44.52.

Diversified miner Teck said late Tuesday its third-quarter operating profit rose sharply, but its earnings fell short of market expectations partly due to higher costs.[ID:nN26118379]

At 10:22 a.m. (1422 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 132.11 points, or 1.04 percent, at 12,552.57. Eight of the 10 sectors were weaker, including economically sensitive financials, off 0.7 percent.   Continued...