CANADA STOCKS-TSX plummets more than 6 percent by midday

Mon Mar 2, 2009 12:07pm EST
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TORONTO, March 2 (Reuters) - Toronto's main stock index was down more than 6 percent at midday on Monday in a broad-based decline due to weaker oil prices and data that showed Canada's economy is in the midst of a recession.

Also weighing on the index's financial sector was spillover from U.S. equities, which were down sharply after U.S. insurer AIG (AIG.N: Quote) posted a record quarterly loss.

At 11:53 a.m. (1653 GMT), the S&P/TSX composite index .GSPTSE was down 488.81 points, or 6.02 percent, at 7,634.21, which marked its biggest intraday loss since Dec. 1. All of the TSX's 10 main sectors were lower, led by a 8.7 percent skid in the energy group. (Reporting by Frank Pingue; editing by Rob Wilson)