February 8, 2010 / 3:20 PM / 9 years ago

CANADA STOCKS-TSX opens lower as financials, golds weigh

 * TSX down 72.91 points, or 0.65 pct, at 11,150.21
 * Financial, materials lead market lower  (Adds details, quote)
 By Jennifer Kwan
 TORONTO, Feb 8 (Reuters) - Toronto’s main stock market index fell on Monday morning as concern about the fiscal health of some euro zone countries weighed on Royal Bank of Canada (RY.TO) and other financial issues.
 Royal Bank fell 0.8 percent to C$52.58, while Manulife Financial  (MFC.TO) dropped 1.7 percent to C$18.92. Toronto-Dominion Bank (TD.TO) was down 0.6 percent at C$62.57.
 Worries about Greek sovereign debt and its spillover effects elsewhere in Europe continued to spur anxiety on markets around the world on Monday. [MKTS/GLOB]
 “There are a lot of eyes turned on to Portugal, Spain and Greece,” said Francis Campeau, broker at MF Global Canada in Montreal. “This is something that won’t be resolved overnight.”
 At 9:58 a.m. (1458 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was down 72.91 points, or 0.65 percent, at 11,150.21, with all 10 main groups lower.
 There was also some concern in the market about the idea of a global tax on banks to recapture bailout costs, Campeau added. The idea gained ground at a G7 finance ministers’ meeting on Saturday, boosted by the Obama administration’s latest proposals, but there was no agreement on a specific design. [ID:nN06163094] For more stories, please see: [ID:nN06216480]
 “This is not super bank-friendly,” said Campeau, noting such proposals could reduce banks’ ability to use leverage.
 The heavily-weighted materials group, home to miners and fertilizer companies, was down 0.9 percent, pulled lower by gold miners including Barrick Gold (ABX.TO), down 2 percent at C$37.72, and Kinross Gold (K.TO), which fell 2.2 percent to C$18.14, as the price of gold cut gains as the U.S. dollar firmed. [GOL/]
 ($1=$1.07 Canadian)  (Reporting by Jennifer Kwan; editing by Peter Galloway)                                       

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