CANADA STOCKS-TSX dives as Greece crisis spurs bank selloff

Mon Jun 29, 2015 11:22am EDT
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* TSX sheds 224.20 points, or 1.51 percent, to 14,583.89

* All 10 main groups fall, banks weigh heaviest

By Alastair Sharp

TORONTO, June 29 (Reuters) - Canada's main stock index fell more than 1.5 percent on Monday as investors fretted about the impact if Greece exits the euro, with banks taking the brunt of the losses and gold miners listed among the few gainers.

A breakdown in talks between Greece and its creditors has pushed the country closer to default on its loans and possibly out of the currency bloc.

The six most influential weights on the Canadian stock index were all financial, with Royal Bank of Canada falling 2.4 percent to C$76.42 and Toronto-Dominion Bank declining 2.1 percent to C$53.19. The index's financial group dropped 2.3 percent as a whole.

The banks' fall, however, was deemed more of a knee-jerk reaction than a retreat that will be sustained.

"I don't think any Canadian bank has one dollar of assets in Greece anymore. If they do, shame on them because everybody knew about this four years ago," said Barry Schwartz, portfolio manager at Baskin Financial Services.

At 10:29 a.m. (1429 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 224.20 points, or 1.51 percent, at 14,583.89. All 10 of its main groups were in negative territory, with seven stocks falling for every one that gained.   Continued...