CANADA STOCKS-TSX tumbles as global economic fears mount

Tue Jun 29, 2010 4:47pm EDT
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*TSX falls 343.17 points, or 3 percent, to 11,263.83

*Stocks hit by China, U.S. data, Europe bank funding worry

*All 10 of TSX's main sectors down (Updates to close)

By Claire Sibonney

TORONTO, June 29 (Reuters) - Toronto's main stock index tumbled hard on Tuesday as slowing growth in China, worry over looming euro-zone bank repayments and a drop in U.S. consumer confidence unnerved stock markets around the world.

All 10 sectors of the index were hit, but it was weakness in the energy, financials and materials sectors -- the TSX index's three main pillars -- that pushed it to its lowest level since May 21.

Teck Resources TCKb.TO plunged 5.7 percent to C$31.77 and First Quantum Minerals FM.TO shed 6.4 percent to C$54.50, pushing the index's base-metal mining sector down almost 7 percent as prices for Canadian commodities got caught in Tuesday's downward spiral. [O/R] [MET/L]

The index's energy sector fell 3.5 percent, dragged down by Suncor Energy SU.TO, which lost 4.1 percent to C$31.65, and by Canadian Natural Resources CNQ.TO, down 3.3 percent to C$35.05.

The index's fall was largely driven by a revision to the Conference Board's leading economic index for China to a 0.3 percent gain in April instead of the 1.7 percent rise the group had reported earlier. [ID:nN29126233]   Continued...