* TSX down 147.33 points at 12,936.67
* Index hits lowest level since Nov. 2010
* S&P cuts Greece to CCC, or 8 notches into junk
* Nine of 10 index sectors weaker
(Updates to afternoon)
By Claire Sibonney
TORONTO, June 13 Toronto's main stock market
index skidded to its lowest level since November on Monday,
breaking below 13,000 after another downgrade of Greece's
credit rating and as commodity prices retreated.
Greece's credit rating became the lowest in the world after
Standard & Poor's downgraded it by three notches, saying the
agency would consider any debt restructuring as a default.
The news sent oil prices tumbling with U.S. crude oil
futures falling more than $3 a barrel, sending Toronto's energy
shares down more than 2 percent. [O/R]
Oil company Canadian Natural Resources (CNQ.TO) was the
heaviest drag on the index, sinking 2.5 percent to C$38.36,
while Suncor Energy (SU.TO) dropped 1.8 percent to C$37.40.
"Investors are extremely nervous at this point in time,
even though the news of the Greece downgrade there has been
speculation about this for months now," said Elvis Picardo,
analyst and strategist at Global Securities in Vancouver.
Picardo noted that the TSX was lagging Wall Street, with
most U.S. stock indices higher on Monday.
"We've been underperforming for many weeks. The problem is
that the TSX as a whole tends to be more susceptible to
concerns about global growth than the U.S. exchanges," he
added, pointing to the index's 50 percent weighting in
At 1:47 p.m. (1747 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was down 147.33 points, or
1.13 percent, at 12,936.67, trading at its lowest levels since
The selloff saw the TSX break through key psychological
support at 13,000. Picardo said the next significant level on
the downside will be 12,500.
Nine of the the index's 10 main sectors were weaker,
including financials, which dipped 0.1 percent. Among bank
stocks, Bank of Nova Scotia (BNS.TO) was down 1.5 percent at
Healthcare stocks were up 0.3 percent.
Heavyweight miners were weighed down by softer metal
prices. Goldcorp Inc (G.TO) fell 1.9 percent to C$45.31, Silver
Wheaton (SLW.TO) plunged 5.2 percent to C$29.83, and First
Quantum Minerals (FM.TO) dropped 2.3 percent to C$117.25.
TMX Group (X.TO) rose 0.4 percent to C$43.99 after Maple
Group filed a C$3.7 billion hostile takeover bid for the
exchange operator. [ID:nN13124543]
(Reporting by Claire Sibonney; editing by Peter Galloway)