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TSX Dives At Open Monday

4/23/2012 9:56 AM ET

Bay Street stocks opened sharply lower Monday amid sell-offs in a variety of sectors, with the S&P/TSX Composite Index losing 148.40 points or 1.22 percent to 11,998.88.

The Diversified Materials Index lost close to 4 percent, with First Quantum Minerals (FM.TO) and Inmet Mining (IMN.TO) losing around 5 percent each. Teck Resources (TCK_B.TO) shed over 3 percent.

In the oil patch, Suncor Energy (SU.TO) and Niko Resources (NKO.TO) were down close to 3 percent each. Lundin Petroleum AB (LUP.TO) lead the losers in the energy sector, diving over 5 percent.

Among gold plays, Barrick Gold (ABX.TO), Allied Nevada Gold (ANV.TO) and Goldcorp. (G.TO) moved down around 3 percent each.

Telecommunications company Otelco Inc. (OTT_UN.TO) dived close to 30 percent after announcing anticipated expiration of customer contract and reduction in quarterly distribution payment to IDS holders.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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