CANADA STOCKS-TSX rattled by economic recovery concerns

Tue Jun 30, 2009 4:33pm EDT
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* TSX skids 101.86 points to 10,374.91

* Posts 18.9 percent gain for second quarter

* Bank shares drop on doubts about recovery (Adds details, comments and official numbers)

By Frank Pingue

TORONTO, June 30 (Reuters) - Toronto's main stock index capped off a sharp quarterly gain with a lower close on Tuesday as weighty financial shares tumbled on concerns about the prospects for a global economic recovery.

The TSX index's financial group, which accounts for about 33 percent of the index, fell 2 percent as data showed Canada's gross domestic product declined for the ninth straight month in April. [ID:N30433471]

Also, data from the United States showed consumer confidence took an unexpectedly steep slide in June and fanned caution about recovery prospects. [ID:nN30517712]

Shares of Royal Bank of Canada RY.TO, the biggest drag on the main index, fell 2.3 percent to C$47.57, while insurer Manulife Financial MFC.TO fell 3.6 percent to C$20.19.

"Sentiment was definitely dented today by the weak economic data we got from both sides of the border," said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.   Continued...