|
|
Admin |
|
|
管理员
|
UID: 8
来自:
精华: 10
积分: 64955
帖子: 705
注册: 2006-9-13 13:48:00
状态:
离线
威望: 0
金钱: 175.90
|
|
|
|
|
| UPDATE 4-Toronto stocks drop to lowest level since August |
TORONTO, Nov 15 (Reuters) - The Toronto Stock Exchange's main index dropped more than 200 points on Thursday to a 2-1/2 month low as lower commodity prices hit resource stocks, while resurgent credit concerns yanked the shares of the big banks lower.
Also weighing were shares of grocery giant Loblaw Cos (L.TO: Quote, Profile, Research), which tumbled to a seven-year low after posting a 42 percent drop in third-quarter profit, well below expectations.
The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE: Quote, Profile, Research) ended down 250.11 points, or 1.82 percent, at 13,524.43, after earlier falling as low as 13,450.75, its lowest point since late August.
The plunge in Loblaw shares pulled the consumer staples subgroup down 3.95 percent, but a larger impact was felt by the heavyweight materials and financials groups, which dropped 3.28 percent and 1.98 percent, respectively.
All told, nine of the index's 10 subgroups were lower.
"It's just a very very bad day here in Toronto. Everybody's getting beaten up," said John Kinsey, portfolio manager at Caldwell Securities.
Falling prices for both precious and base metals weighed on materials stocks such as Goldcorp (G.TO: Quote, Profile, Research), which fell 4 percent to C$30.92, and Barrick Gold (ABX.TO: Quote, Profile, Research), down 3.4 percent at C$39.76. Also in the sector, Potash Corp (POT.TO: Quote, Profile, Research) fell 4.5 percent to C$108.09.
Financials were led lower by the big banks, as persistent credit worries were amplified by Bank of Canada moves to inject C$1.6 billion into markets to defend its overnight interest rate and improve liquidity.
Royal Bank of Canada (RY.TO: Quote, Profile, Research), the country's biggest bank, fell 2.5 percent to C$51.09, while Canadian Imperial Bank of Commerce (CM.TO: Quote, Profile, Research) retreated 4 percent to C$88.57.
Some Canadian banks have already announced write-downs due to turmoil in the U.S. subprime mortgage market.
"The fear is it's going to continue to be much worse than that and extend into next quarter," said Michael Sprung, president of Sprung & Co. Investment Counsel.
NOVEMBER PAIN
Since closing just shy of an all-time peak on Oct. 31, the Toronto index has lost 7.5 percent, or nearly two-thirds of its January-October gains.
Analysts were reluctant to predict when the drop might end, as already nervous investors have had to deal with increasing credit-related losses in the financial sector, and recent declines in commodities such as gold and oil.
"I don't know that there's any way out of there in the near term. I think we're just going to have to live with this volatility," said Caldwell's Kinsey.
However, Sprung said there are signs that bargain hunters are at the ready to jump in on hard-hit stocks, pointing to a 50-point rally in the session's closing minutes.
"People are beginning to anticipate that maybe when they jump in early, they can get some trading profits," he said.
Market volume was 394 million shares worth C$6.9 billion. Decliners outpaced advancers 1,149 to 495.
U.S. markets also weakened, but outperformed the TSX.
The Dow Jones industrial average (.DJI: Quote, Profile, Research) ended down 120.96, or 0.91 percent, at 13,110.05, while the Nasdaq composite index (.IXIC: Quote, Profile, Research) fell 25.81, or 0.98 percent, to 2,618.51.
|
|
|
|
