03 May '11, 10pm

TSX skids to two-week low as commodities slump

TORONTO (Reuters) - Toronto's main stock index posted its biggest one-day drop in nearly a month on Tuesday as falling commodity prices drove resource issues deep into negative territory and led a broad-based retreat. The drop by the TSX index mirrored a slide in the price of oil, which fell more than 2 percent, which largely overshadowed the solid victory of the business-friendly Conservatives in Monday's federal election. "Let's face it, our equity markets, for the most part ... it all comes down to what these commodity prices are doing. Today, I think that's taken over as the story," said Gareth Watson, vice-president, investment management and research, at Richardson GMP. The Toronto Stock Exchange's S&P/TSX composite index plunged 242.14 points, or 1.74 percent, to 13,692.37. That marked a two-week low and the index's biggest one-day drop since March 10. All 10 of its...

Full article: http://sg.news.yahoo.com/tsx-fall-soft-resources-election...

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