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Canadian Markets

May 15, 2012, 4:46 p.m. EDT

Canadian stocks slide on mining, materials

By Wallace Witkowski, MarketWatch

SAN FRANCISCO (MarketWatch) — Materials, mining and energy stocks led the Canadian market lower for the third session in a row Tuesday on continued anxiety coming out of Greece.

In large-cap stocks, shares of Barrick Gold Corp. (TSE:CA:ABX) fell 3.9%, Canadian Natural Resources Ltd. (TSE:CA:CNQ)  declined 2.7%, and Teck Resources Ltd.   shares fell 4.1%.

The S&P/TSX Composite Index  fell 1.3% to close at 11,343.05 with the S&P/TSX Capped Diversified Metals and Mining Index  declining 3.7%, the S&P/TSX Capped Materials Index (TORONTO:XX:TORGC195) shedding 3.4%, and the S&P/TSX Capped Energy Index (TORONTO:XX:TORGC187)  down 1.9%.

Reports that Greece would hold another election after party leaders failed to come up with a unity government pressured markets on fears the country could leave the eurozone on an inability to bring its fiscal house in order. Read more on Greece's effect on markets.

Oil for June delivery (NYM:CLM22) fell 80 cents, or 0.8 %, to settle at $93.98 a barrel, and gold for June delivery (NYM:GCM22)  declined $3.90, or 0.3%, to settle at $1,557.10 an ounce on the New York Mercantile Exchange.

The Canadian dollar fell its U.S. counterpart (XTUP:USDCAD) with the greenback buying C$1.0067, compared with C$1.0023 late Monday.

Other notable movers included Research In Motion Ltd. , with shares down 5.7%. Goldcorp Inc. (TSE:CA:G)  shares fell 2.5%, Encana Corp.  shares declined 2.2%, Kinross Gold Corp. (TSE:CA:K)  shares declined 4.8%, and Silver Wheaton Corp.  shares dropped 4.5%.

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