CANADA STOCKS-TSX drops 3 percent as commodity prices weigh

Wed Jul 8, 2009 12:34pm EDT
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TORONTO, July 8 (Reuters) - Toronto's main stock index skidded more than 3 percent to its lowest level in over nine weeks shortly after midday on Wednesday as lower commodity prices rattled the resource-heavy market.

At 12:25 p.m. (1625 GMT), the S&P/TSX composite index .GSPTSE was down 304.53 points, or 3.09 percent, at 9,539.82. Nine of the 10 TSX sectors were lower, led by a 4.98 percent drop by the mining-heavy materials group. The consumer staples sector, up 0.52 percent, was the sole sector in higher territory. (Reporting by Frank Pingue; editing by Peter Galloway)