CANADA STOCKS-TSX falls sharply; first monthly loss since Feb

Fri Oct 30, 2009 5:14pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX falls 1.5 pct to 10,910.75, ends Oct. down 4.25 pct

* Resources key decliners, telecoms lone group to shine

* August GDP down, doubts rise about growth forecasts (Adds details, updates prices)

By Ka Yan Ng

TORONTO, Oct 30 (Reuters) - Toronto's main stock index broke its seven-month rally with its on Friday, as its two big resource sectors bore the brunt of the sharp decline.

Losses were heavy in Suncor Energy (SU.TO: Quote), Barrick Gold (ABX.TO: Quote) and other commodity-based issues, which account for more than 40 percent of the index's weighting. The fall was induced by softening prices for oil and gold, while the U.S. dollar recovered from steep losses on reduced risk appetite. [GOL/] [O/R] [FRX/]

Suncor dropped 2.84 percent to C$35.92, while Encana Corp (ECA.TO: Quote) shed 2.96 percent to C$60. Barrick tumbled 1.8 percent to C$38.96.

"The strength in the U.S. dollar has got everyone discombobulated. The commodities are softening and so people are getting out of commodities, both in oils and golds, and other metals," said Sal Masionis, a stockbroker at Brant Securities.

Overall, the oil and gas sector and the materials group each dropped 2.47 percent.   Continued...