January 14, 2009 / 9:14 PM / 9 years ago

CANADA MARKETS-Profit fears drive down TSX, Nortel drops

TORONTO, Jan 14 (Reuters) - Toronto's main stock index fell nearly 3 percent on Wednesday as jitters about upcoming corporate earnings and the state of the global economy weighed on sentiment, while Nortel Networks NT.TO shares dropped on news that it has filed for bankruptcy protection.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE unofficially closed down 258.59 points, or 2.89 percent, at 8,702.96. Earlier, it fell as low as 8,608.63, a loss of 3.9 percent, marking its lowest level since Dec. 30.

$1=$1.25 Canadian Reporting by Ka Yan Ng; editing by Peter Galloway

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