Many of B.C.'s largest companies have seen their stocks prices lose gains made in a booming 2007 as uncertainty continues to stoke fears of a U.S. economic recession.
Telus Corp.'s (TSX:T) share price hit a new 52-week low of $41.56 in midday trading Monday, down from its previous 52-week low of $41.97. It had traded as high as $66.45 in the past year.
The share price of Teck Cominco Ltd. (TSX:TCK.B), meanwhile, dropped to $28.73, down from a previous 52-week low of $29.50. Its stock has slid 46% from a 52-week high of $53.35 in early July.
Lundin Mining Corp. (TSX:LUN) fell to $7.20, dropping below its 52-week low of $7.58, less than half of the value of its 52-week high of $15.84.
The TSX has lost more than 1,500 points off its index in the past week. Canadian markets absorbed most of the pessimism that spread through European and Asian stock markets that posted some of the sharpest same-day declines since the 9/11 terrorism attacks in the United States.
Analysts suggest that investors are dumping their shares because of growing skepticism that the economic stimulus package presented Friday by President George Bush will not be enough to head off an economic recession in the U.S.