CANADA STOCKS-TSX extends slide on commodities rout, earnings

Fri Jul 24, 2015 11:34am EDT
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(Updates with analyst comment, market reaction, details)

* TSX down 61.13 points, or 0.43 percent, to 14,204.24

* Half of TSX's 10 main groups fall

By Solarina Ho

TORONTO, July 24 (Reuters) - Canada's main stock index fell on Friday as a rout in commodity prices pushed mining and energy stocks toward deeper losses, while disappointing earnings and some profit taking also added to the declines.

"What we're into here is a bit of a malaise as concerns build about the economy in Canada ... and the state of the global commodities," said Michael Sprung, president at Sprung Investment Management Inc.

"Toronto's just having a very tough time. Given the state of the world, perhaps prices were a little bit frothy. I wouldn't call it a correction yet, but maybe we're heading for one."

Canadian drugmaker Valeant Pharmaceuticals International Inc , which jumped more than 9 percent on Thursday after investors cheered its quarterly earnings results, was by far the biggest drag on the TSX. Shares fell 2.2 percent to C$333.43, sending the overall health care sector retreating 0.5 percent.

At 11:08 a.m. EDT (1508 GMT), the Toronto Stock Exchange's S&P/TSX composite index was off 61.13 points, or 0.43 percent, to 14,204.24.   Continued...