March 15 (Reuters) - Canada's resources-heavy main stock index fell on Wednesday, dragged by energy and financial stocks, as Credit Suisse's turbulence sparked renewed concerns of a banking crisis.
By 10:30 a.m. ET (1430 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 387.15 points, or 1.97%, at 19,307.01, on track to record its worst day in over five months.
Global financial stocks slumped once again after a brief relief rally on Tuesday as Credit Suisse (CSGN.S) hit a record low after the Swiss lender's biggest backer said it would not buy any more shares.
CS's sharp declines revived fears of a banking crisis in the aftermath of the collapse of U.S. banks Silicon Valley Bank (SVB) and Signature Bank.
Energy stocks (.SPTTEN) were the top decliners, falling 5.7%, as oil prices extended losses with Brent crude hitting a three-month low.
Canada's energy sector is on track to post its worst single-day performance so far this year.
Financials (.SPTTFS), Canada's largest sector by weight, joined a global selloff in bank stocks, falling 2.2%.
"The TSX is very heavily weighted to oil and financials and if there's any sort of loss in confidence or instability in that sector, it will underperform," said Matt Manara, partner and portfolio manager at Avenue Investment Management.
Canadian stocks have lost nearly all of their yearly gains in the last few days, with the index now at par after the collapse of U.S. lenders SVB and Signature sparked contagion concerns in global financial stocks.
Among individual stocks, Canadian Pacific Railway (CP.TO) surged 5.7% after the U.S. transport regulator approved its $31 billion deal to acquire U.S. railroad Kansas City Southern with conditions.
