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Toronto stocks fall
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December 11, 1998: 5:36 p.m. ET
Most sectors post losses as earnings warnings haunt investors
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NEW YORK (CNNfn) - Toronto stocks fell nearly 1 percent Friday as corporate profit warnings continued to worry investors and a drop in the price of gold weighed heavily on the market.
The Toronto Stock Exchange 300 Composite Index fell 56.85 points, or 0.90 percent, to close at 6,258.80.
The market has been roiled in the past few days by revelations from companies warning that their earnings are expected to disappoint.
"I think the market is a little on the nervous side here. Not knowing how extensive these earnings drops are going to be and whether or not they're going to continue on into the second and third quarters of next year even is hurting us more than anything," said Fred Ketchen, director of equity trading at ScotiaMcLeod.
Nearly all of the exchange's 14 subindexes posted losses, led by a 2.95 percent decline in the gold and precious metals sector, a 1.89 percent fall in metals and minerals stocks, and a 1.46 percent loss in utilities.
Consumer products stocks, however, managed to swim against the current, rising 1.76 percent.
Among the day's volume leaders, Seagram & Co. Ltd. was one of the big gainers, with its shares jumping C$3.10, or 5.85 percent, to C$56.10 after news of its $3.5 billion debt offering and a day after it completed its $10.2 billion acquisition of PolyGram.
On other Canadian exchanges, stocks in Montreal fell 10.67 points, or 0.33 percent, to 3,260.08, while share in Vancouver slipped just under 1 point, or 0.25 percent, to close at 388.56. 
-- from staff and wire reports
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