CANADA STOCKS-TSX slides as Magna, global growth worries cast pall

Thu Sep 24, 2015 11:13am EDT
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* TSX down 124.54 points, or 0.93 percent, to 13,259.15

* Nine of the TSX's 10 main groups are lower

TORONTO, Sept 24 (Reuters) - Canada's main stock index fell 1 percent on Thursday, extending its losses for a third straight session and tracking foreign markets increasingly nervous about global growth.

Fallout from the Volkswagen AG emissions test-fixing scandal also spilled over, with auto parts maker Magna International Inc among the biggest drags on the index. Shares sank 5.7 percent to C$58.30 as analysts noted the company's exposure to VW. CIBC cut its rating on the company to sector performer from outperformer. The overall consumer discretionary group retreated 2.1 percent.

At 11:04 a.m. EDT (1504 GMT), the Toronto Stock Exchange's S&P/TSX composite index fell 139.32 points, or 1.04 percent, to 13,244.37.

The TSX, which can be particularly sensitive to commodity prices due to its high concentration of resource names, has been particularly volatile over the last month amid growing worries that slowing global growth will hurt demand for commodities.

Financial shares were down 1 percent, while energy stocks were off 0.2 percent.

The materials sector, home to resource firms, was the lone gainer among the index's 10 main groups, climbing 1.8 percent on the back of rallying gold mining stocks. The price of gold rose to a three-week high after the U.S. dollar softened on soft economic data.

Goldcorp Inc jumped 5.7 percent to C$17.69, while Barrick Gold Corp surged 7.0 percent to C$8.45.   Continued...