Toronto Stocks Close Lower; Copper Stocks Tumble

     By Carolyn King 
 

TORONTO--Canadian stocks joined a global selloff Wednesday sparked by fresh fears about economic growth. Copper stocks were expecially hard hit.

The S&P/TSX Composite Index fell 102.73 points, or 0.7%, to 14084.43, and declining issues doubled advances. Trading volume of 479.9 million shares was higher than Tuesday's volume of 462.3 million shares.

The blue-chip S&P/TSX 60 Index lost 0.8% to 821.63.

The materials group, which includes copper and other mining stocks, lost 2.4%. Copper prices suffered their biggest one-day drop in more than three years as the global growth concerns. The metal is used in a wide variety of products and is thus a key economic barometer for many investors. Among miners, First Quantum Minerals lost 13.1% while Teck Resources fell 6.5%.

Toronto's energy group rose 2.3% as oil prices rebounded Wednesday from recent steep declines.

Suncor Energy, which late Tuesday announced cuts to its capital spending program but no planned output reduction, edged up 0.2%. Other energy firms did even better, with Canadian Oil Sands advancing 7.0% and Cenovus gaining 2.5%.

BlackBerry surged 29.5% late in the session on a Reuters report that Samsung has recently approached the Canadian smartphone company about a potential takeover.

Write to Carolyn King at [e-mail]

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