The TSE 300 fell 72.80 points closing at 7,532.70, as Nortel Networks hit a new 52-week low.

Although tech stocks bore the brunt of the session’s losses, the malaise was broad-based. Ten of the TSE’s 14-sub-indices closed lower. Only the gold and oil and gas sub-indices generated sizeable gains.

The industrial products sub-index, home of Nortel, fell almost 2.7%. Financial services and consumer products also posted losses greater than 1%.

Market volume was 120 million shares. Decliners outpaced advancers 512 to 494, with 226 issues closing unchanged.

Nortel fell almost 5%, dropping 54¢ to close at 10.50, a new 52-week low. Volume was 7.5 million shares. Computer maker Celestica shared the pain, shedding $4.94 to close at $64.10.

Today’s other losers were a mixed bag, including Four Seasons, down $5.74 to $79.00, Celestica, down $4.94 to $64.10, and Ballard Power, down $4.93 to $44.50.

Among financial stocks Canadian Imperial Bank of Commerce fell 90¢ to $50.85 and Royal Bank fell 58¢ to $52.10.

Among the day’s winners, paper and forest company Nexfor rose 9¢ to close at $7.91. Volume was over 3 million shares.

Wholesaler Metro Inc. saw its stock advance $2.47 to $34.65, a jump of over 7%, after announcing yesterday that its third quarter earnings rose by 26%.

Rising energy prices were good news for oil and gas stocks. Alberta Energy Co. added $2.19 to close at $59.13, while Canadian Hunter advanced $2.10 to $33.10.

Venture capital stocks bucked today’s downward trend. The CDNX index closed up 9.94 at 3,090.56. Volume was 34.5 million shares, with 178 advances, 175 declines and 520 issues unchanged.

In New York, tech slocks suffered sharp losses. The tech-heavy Nasdaq composite index closed down 45.64 points at 1,918.89, a drop of over 2%.

Blue chips fared marginally better. The Dow Jones industrial average lost 66.22 points to close at 10,345.95, while the broader-market S&P 500 slipped 8.71 points to 1,178.02.