Business
TSX collapses on euro worries
TSX collapses on euro worries
About this update from Suncor Energy Inc.
[{"type":"text","content":"\nTSX collapses on euro worries\n\n\n May 20, 2010 (Baystreet.ca) -- Nervousness about the European debt crisis continued to build Thursday, sending the Toronto stock market and the Canadian dollar tumbling.The S&P/TSX composite index plummeted 259.82 points, or 2.2%, to 11,405.95.The euro, which has become a key indicator of confidence in the continent's ability to contain growing debt problems in countries like Greece, Portugal and Spain, had one of its rare positive sessions, rising 1.08 cents from late Wednesday to $1.2479 U.S. But the currency had touched a four-year low of $1.2146 U.S. earlier during Wednesday's session.Among oil issues, Suncor Energy was down 77 cents to $30.38 and Canadian Natural Resources declined 74 cents to $34.06.Crude has plunged from $87 U.S. a barrel earlier this month as a debt crisis in Europe has hammered the euro and threatens to undermine economic growth.In the gold space, Barrick Gold Corp. faded 62 cents to $43.84.The base metals sector fell, even as July copper shed early losses to rise two cents at $2.97 U.S. a pound after losing ground for the past three days. On the TSX, Teck Resources lost 79 cents to $31.89. The company said Thursday it has decided to go ahead with development of the Aqqaluk Deposit at its Red Dog zinc mine in Alaska after discussions with U.S. Environmental Protection Agency over water permits. The project is the world's biggest zinc concentrate mine.Labrador Iron Mines Holdings shed 51 cents to $4.90.Railroad stocks led the industrials sector lower as Canadian National Railways gave back $1.66 to $58.44.The financials sector was also a major decliner with Royal Bank down $2.03 to $58.50 and Scotiabank lost $1.41 to $48.86.The negative tone on markets has sent the TSX lower for six consecutive sessions, carving over 700 points or more than 6% from the main index, leaving it about 340 points below where it started the 2010 trading year.A $1-trillion U.S. aid package from the European Union and the International Monetary Fund to help countries deal with huge debt levels has failed to reassure investors. They are concerned that the strict financial measures tied to the bailout could curtail an economic rebound.Nexen Inc. announced a deal Wednesday to sell nearly $1 billion in heavy oil assets in Western Canada as it continues to hone the focus of its global oil and gas...