CANADA STOCKS-TSX extends losses, insurers tumble

Thu Aug 6, 2009 2:20pm EDT
 
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TORONTO Aug 6 (Reuters) - Toronto's main stock index extended losses at midafternoon on Thursday, knocked lower by big insurers, which announced a series of cautious moves despite some big quarterly profit rises.

The S&P/TSX composite index .GSPTSE fell 221.20 points, or 2.0 percent, to 10,825.65. Heavily weighted financials fell 4.7 percent, the largest drag on the index.

Manulife, the top heavyweight decliner, fell nearly 15 percent to C$22.38 after it chopped its dividend by 50 percent. Sun Life Financial (SLF.TO: Quote), which warned its third-quarter income will be reduced, fell 10.7 percent to C$33.60. [ID:nN06313250] (Reporting by Ka Yan Ng; editing by Peter Galloway)