Wednesday October 04, 2006

TSX index tumbles 261 points on falling resource stocks

940news.com :

A slide of almost 4% in the price of crude oil on rising supply and diminishing demand helped send Canada's main stock index tumbling more than 250 points. Toronto's resource-heavy S&P/TSX composite index fell 261.26 points to 11,526.13, also pressured by drops in mining stocks as the price of gold fell more than US$20 an ounce.

The November crude-oil contract on the New York Mercantile Exchange fell $2.35 to US$58.68 a barrel - the lowest level since July 2005 - amid easing supply concerns. Analysts said the next major technical support level for oil is around US$55. Analysts see little immediate prospect of a revival in oil prices, which are down dramatically from a record-high US$78.40 in mid-July. Since then, worries about Iran have receded, the Gulf of Mexico hurricane season has been a non-event and demand has slackened for oil and other commodities.

See also :

1. TSX tumbles 213 points on resource weakness
2. Weak oil and gold weigh on resource stocks
3. Sky falling on resources boom

(2006-10-04 09:24:59 SGT) [Biz] Permalink

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