November 17, 2011 / 9:44 PM / 6 years ago

CANADA STOCKS-TSX sags more than 2 pct as commodities slump

   * TSX down 258.93 pts, or 2.13 pct, at 11,915.43
 * Index hits lowest point since Oct. 21
 * Falling gold, copper prices hit miners
 (Adds details, analyst's comments)
 By Jon Cook
 TORONTO, Nov 17 (Reuters) - Toronto's main stock index
tumbled more than 2 percent on Thursday, nearing a one-month
low, as rising yields on European bond sales sparked a
widespread selloff in commodities that sent material and energy
issues lower.
 Falling gold, copper and silver prices played havoc with
TSX mining stocks, which plunged more than 4 percent. Gold
miners accounted for most of the losses, as bullion's worst
one-day dip in nearly two months caused the subindex to fall
3.5 percent. [GOL/]
 Barrick Gold ABX.TO, down 3.8 percent at C$50.66 and
Goldcorp G.TO, down 2.1 percent at C$52.38, led the slide.
 Copper fell 3 percent to its worst one-day decline in three
weeks, while silver slid  nearly 7 percent. [MET/L]
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE ended down 258.93 points, or 2.13 percent, at
11,915.43, its lowest point since Oct. 21.
 The TSX's retreat mirrored the broader downturn on global
markets after a rise in Spain's borrowing costs to almost 7
percent at an auction kept European debt contagion fears alive.
[MKTS/GLOB]
 "The sentiment on the economic outlook for the euro zone
appears to be becoming ever more grim," said Pat Mohr, a
commodity market specialist at Scotia Capital
.
 Energy issues finished down 2.4 percent as U.S. crude fell
by more than $3 a barrel, a day after it topped $100, as
worries about the euro zone crisis deepened. [O/R]
 Canadian Natural Resources CNQ.TO led that sector's
decline, falling 3.9 percent to C$37.19.
 Solid U.S. economic data helped cushion the losses. New
U.S. claims for jobless benefits hit a seven-month low last
week, while permits for home construction rebounded strongly in
October, bolstering views the economy was gaining traction.
[ID:nN1E7AG0BT]
 "If we didn't have that outstanding problem in Europe we'd
actually see the (index rising)," said Robert Kavcic, economist
at BMO Capital Markets.
 ($1=$1.03 Canadian)
 (Editing by Rob Wilson)
















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