CANADA STOCKS-Commodity fears slam Toronto lower

Mon Oct 27, 2008 5:55pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX closes below 9,000 for first time since Dec 2004

* Energy sector falls 9.2 percent as oil drops below $64

* Materials sector tumbles 11 percent

* Manulife falls 15 pct on capital, profit outlook (Adds market volume, U.S. stocks closing figures)

By Jennifer Kwan

TORONTO, Oct 27 (Reuters) - The Toronto Stock Exchange's main index tumbled on Monday to close below 9,000 for the first time since December 2004 as worries intensified that the faltering global economy will further erode markets for Canadian-produced commodities such as oil and metals.

In its second biggest percent drop in history, according to operator TMX Group (X.TO: Quote), the S&P/TSX composite index .GSPTSE lost more than 300 points in the last half hour of trade, and closed down 756.75 points, or 8.14 percent, at 8,537.34, with all of its 10 main groups lower.

The benchmark index is down 27 percent so far this month.

Heavily weighted decliners on Monday included Manulife Financial (MFC.TO: Quote), which fell 15.3 percent, and EnCana Corp (ECA.TO: Quote), which fell 8.5 percent.   Continued...