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.
 "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.
 "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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