May 4, 2010 / 9:02 PM / 9 years ago

CANADA STOCKS-TSX falls hard on oil slide, Greece worries

 * TSX falls 1.36 percent to 12,030.86
 * All 10 sectors were drop, led by energy  (Updates to close)
 TORONTO, May 4 (Reuters) - Toronto’s main stock index closed sharply lower on Tuesday, weighed down by persisting worries about Greece’s aid package, which sent investors to the safety of the U.S. dollar and hit oil prices.
 The index’s heavily weighted energy sector dropped 2.12 percent as the price of oil fell 4 percent in its steepest loss in three months.  [O/R] 
 Among battered energy stocks, Canadian Oil Sands Trust COS_u.TO was off 4.15 percent at C$29.77, while Talisman Energy TLM.TO lost 2.98 percent to C$16.92.
 The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE shed 165.65 points, or 1.36 percent, to 12,030.86, managing to recover a bit from a near 2 percent fall earlier in the day. All 10 sectors were down.
 “The market has declined in sync with markets around the world. It’s largely fear-related,” said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.
 Investors were skeptical that European Union officials will be able to stop Greece’s sovereign debt crisis from spreading to other high-debt euro zone countries, while China’s recent monetary tightening also undermined sentiment.
 The index’s materials group was a key decliner, falling 1.15 percent as copper tumbled to two-month lows under $7,000 a tonne on demand fears sparked by the Chinese move. Some gold producers rose, however, moderating the group’s losses. [MET/L]
 Miner Teck Resources TCKb.TO slid 3.99 percent to C$37.25, while Inmet Mining IMN.TO fell 3.83 percent to C$48.97. On the upside, Barrick Gold (ABX.TO) rose 1.29 percent to C$43.90.
 ($1=$1.02 Canadian)  (Reporting by Ka Yan Ng; editing by Peter Galloway)   

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