TSX sharply down

Resource stocks continued to lead the Toronto market into the red on Thursday after Dubai asked to postpone $60 billion U.S. in payments until May.

The S&P/TSX Composite Index ended the day down 200.10 points, or 1.7%, to 11,436.80.

Mining stocks were down as copper prices decreased on the Comex. FNX Mining declined 3% to $11.67, Teck Resources down 2.8% to $36.44 and Inmet lost 2.8% to $64.28.

Materials stocks were off with fertilizer maker Potash down 2.9% at $116.04 and rival Agrium off 2.4% at $57.91.

Industrial stocks also slid, as Bombardier Aerospace dropped 3.6% to $4.61 after the company announced it will reduce its CRJ aircraft production rate as previously indicated and also layoff 715 employees in Bombardier Aerospace's facilities in Montreal area.

In other corporate news, Rogers Communications said on Thursday that it had entered into agreements to buy 3.2 million subordinate voting shares of Cogeco Cable for $36.43 per share, a deal worth about $116.6 million. Rogers stock was down 1.6% to $33.05; Cogeco leaped 5% to $35.11

The Canadian dollar skidded 1.35 cents to 94.30 cents U.S.

ON BAYSTREET

All but two of the 14 TSX subgroups stayed negative throughout the trading day, weighed down mostly by metals and mining stocks, down 2.7%, materials, off 2.4% and energy stocks, sliding 1.9%.

The two gainers were global base metals, up 0.1% and utilities, which crept up 0.03%.

The TSX Venture Exchange gave back 15.78 points to 1,419.37.

The price of a barrel of oil lost $1.73 to $76.21 U.S.

U.S. markets were shut down today for Thanksgiving. They will trade in an abbreviated session Friday.