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Company News

CANADA STOCKS-Canadian stocks in correction mode as virus sell-down continues

(Adds details, updates prices)

Feb 28 (Reuters) - Canada’s main stock index plunged into correction territory on Friday as an increase in global coronavirus cases unsettled investors worried about its economic impact.

* Investors typically consider a technical correction in a security or index to be a drop of 10% or more from its recent peak.

* At 9:57 a.m. ET (1457 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 732.69 points, or 4.38%, at 15,984.75. The index was about 11% down from a record high touched on Feb. 20.

* The index was set to lose more than 10% for the week, its worst week since the 2008 financial crisis.

* World stocks shed almost $6 trillion this week as fears of a coronavirus pandemic surged after five countries reported their first cases.

* Canada’s energy sector dropped 2.9% as oil prices plummeted amid fears of slowing economic growth.

* The financials sector slipped 2.8%. The industrials sector fell 2.3%.

* On the TSX, seven issues were higher, while 223 issues declined for a 31.86-to-1 ratio to the downside, with 41.32 million shares traded.

* First Majestic Silver Corp fell 14.4%, the most on the TSX, while the second biggest decliner was Seabridge Gold , down 12.4%.

* The largest percentage gainers on the TSX were Snc Lavalin , which jumped 4.1% after posting better-than-expected fourth-quarter revenue, and Cascades Inc, which rose 2.7%.

* The most heavily traded shares by volume were Suncor Energy and Bombardier B.

* The TSX posted no new 52-week highs and 29 new lows.

* Across all Canadian issues there were 17 new 52-week highs and 195 new lows, with total volume of 78.11 million shares.

Reporting by Ambar Warrick in Bengaluru; Editing by Ramakrishnan M.

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