February 10, 2012 / 3:58 PM / 7 years ago

CANADA STOCKS-TSX tumbles as Greek woes slam commodities

(Adds details, quotes)

* TSX tumbles 151.20 points, or 1.2 pct, to 12,346.74

* All of index’s 10 main sectors lower

* Index touches weakest level since Jan. 25

* Greece fears overshadow upbeat Canada trade data

By Jennifer Kwan

TORONTO, Feb 10 (Reuters) - Canada’s main stock index sank more than 1 percent to a two-week low on Friday as doubts grew that Greece’s debt bailout deal would win final European approval, sparking a drop in commodity prices and global equity markets.

Suncor Energy was down 1.3 percent at C$34.15 and Canadian Natural Resources skidded 2.1 percent to C$37.50 as crude prices plunged on the renewed euro zone woes and as the International Energy Agency cut its oil demand forecast for a sixth consecutive month due to a weak global economy.

The broader energy sector fell 1.5 percent.

Materials, down 1.9 percent, were hit as the price of gold and base metals retreated. Teck Resources was down 2.5 percent at C$39.77 and Goldcorp fell 1.8 percent to C$45.72.

Global stocks and the euro fell while safe-haven government bonds rose as final approval for Thursday’s long-awaited Greek debt deal remained elusive, with fresh political wrangling injecting more uncertainty and keeping alive the risk of a default.

“Investors are getting whipsawed every which way whether the Greek bailout is on or off,” said John Ing, president of Maison Placements Canada. “ To us, it’s all a sideshow because it’s just a prelude to ongoing sovereign debt problems that have yet to be resolved.”

Around 10:15 a.m. (1515 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 151.20 points, or 1.2 percent, at 12,346.74, with all 10 of its main sectors lower. The index slipped as low as 12,328.92, its weakest level since Jan. 25.

Financials were down 0.7 percent, with Royal Bank of Canada off 0.3 percent at C$53.69 and Manulife Financial down 3 percent at C$11.52.

The Greek headlines overcame healthy domestic data that showed Canada’s trade surplus more than doubled in December from November as exports to a recovering U.S. economy grew to their highest level since October 2008 and set a record high for non-U.S. trade partners.

Bucking the broader market trend was Gildan Activewear , the top gainer on the TSX index, which climbed 1.9 percent to C$24.29 after numerous analysts raised their price targets for the clothing maker.

$1=$1 Canadian Reporting By Jennifer Kwan; editing by Rob Wilson

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