Toronto stocks drop as Manulife set to issue stock

Tue Dec 2, 2008 4:10pm EST
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TORONTO Dec 2 (Reuters) - The Toronto Stock Exchange's main index ended a see-saw session lower on Tuesday as news that Manulife Financial (MFC.TO: Quote) will issue new stock offset rallying energy shares after talk of a takeover bid for Nexen Inc NXY.TO.

The S&P/TSX composite index .GSPTSE unofficially closed down 70.47 points, or 0.84 percent, at 8,335.74, one day after sliding commodity prices and gloomy U.S. economic news pushed it down 9.32 percent, its biggest percent decline since October 1987. (Reporting by Frank Pingue; editing by Peter Galloway)