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Toronto stocks shed 1.54 pct.
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November 24, 1998: 12:18 p.m. ET
Banks undo some of Monday's gains, as most other sectors take a tumble
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NEW YORK (CNNfn) - Toronto stocks beat a retreat Tuesday from their 2.3 percent rise at the start of the week, as investors sold shares to harvest profits from recent gains, especially in the heavily weighted banking sector.
The Toronto Stock Exchange's 300 Composite index fell 102.62 points, or 1.54 percent, to 6,570.30.
"The markets ran so far yesterday and they're probably ahead of themselves," said one equities trader.
The vast majority of the exchange's 14 subindexes moved south, led by a 2.77 percent decline in the financial services sector, which on Monday had leapt 6.55 percent.
Other sector losers included the oil and gas group, which fell 2.46 percent, and the gold and precious metals subindex, which shed 2.11 percent.
Paper and forest products was the only sector to make a move upward, rising a mere 0.8 percent.
Among volume leaders, Canadian Imperial Bank fell C$1.50, or 3.93 percent, to C$36.70 and Bank Nova Scotia dropped C$1.35, or 3.72 percent, to C$34.95.
Newcourt Credit Group took a bath, shedding C$3.25, or 5.53 percent, to close at C$55.50.
Bid.com International managed to move upstream, however, jumping C$0.19, or 7.06 percent, to C$2.88.
Elsewhere in the country . . .
Stocks took their lumps in other Canadian markets as well. Shares on the Montreal exchange dropped 72.20 points, or 2.08 percent, to 3,403.34. And in Vancouver, they fell 3.53 points, or 0.9 percent, to 389.76. 
-- from staff and wire reports
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