Canadian stocks drop for sixth session as commodity prices weaken

09:01, May 21, 2010      

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Canadian stocks performed diving as weaker commodity prices and fears over European debt prompted a sell-off in Toronto on Thursday. The S&P/TSX Composite Index closed 259.82 points, or 2.23 percent, lower at 11,405.95.

The Canadian benchmark equity index has dropped 6.48 percent during its streak of losses for six sessions, the longest since August 2007.

All sectors registered losses more than one percent on the Toronto Stock Exchange (TSX), the first time in ten months, with the index measuring the diversified metals &mining sector losing four percent and the index measuring the real estate sector falling 3.21 percent.

Taseko Mines Ltd. dropped 6.37 percent. FNX Mining Company Inc. slipped 5.16 percent. First Quantum Minerals Ltd. declined 3.65 percent.

RioCan Real Estate Investment Trust reduced 5.35 percent. FirstService Corp. decreased 3.22 percent.

Crude oil for July delivery slumped 2.66 percent to 68.01 U.S. dollars a barrel on the New York Mercantile Exchange on Thursday. Oil is Canada's largest export. The index measuring the energy sector on the TSX tumbled 2.24 percent.

Talisman Energy Inc. dropped 3.91 percent. EnCana Corp. lost 2. 50 percent. Suncor Energy Inc. retreated 2.25 percent.

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