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CANADA STOCKS-TSX drops to lowest level since Sept. 2004

Wed Nov 19, 2008 2:24pm EST

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TORONTO, Nov 19 (Reuters) - The Toronto Stock Exchange's main index fell to its lowest level in more than four years at mid-afternoon on Wednesday as another dose of gloomy news from the banking sector shook the heavily-weighted financial index.

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At 2:07 p.m. (1907 GMT), the S&P/TSX composite index .GSPTSE was down 301.93 points, or 3.42 percent, at 8,533.80, which marked its lowest level since September 2004.

A 5 percent slide in the financial group led the plunge after Bank of Nova Scotia (BNS.TO) said late on Tuesday that it would take a C$595 million after-tax charge during the fourth quarter.

($1=$1.24 Canadian) (Reporting by Frank Pingue; Editing by Peter Galloway)

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