CANADA STOCKS-TSX falls as commodity prices weigh on resources
By Solarina Ho TORONTO, Nov 2 (Reuters) - Canada's benchmark stock index dropped for the first time in seven days on Friday as data showing quicker U.S. jobs growth drove bullion prices lower, pressuring gold miners, while oil and gas companies tracked U.S. crude prices. Spot gold fell to an eight-week low, below $1,700, after the U.S. dollar jumped to a seven-week high on data that showed a higher-than-expected 171,000 jobs created in October versus a forecast of 125,000. Gold miners, which are a part of the materials group, lead the index lower with Goldcorp Inc off 3.19 percent to C$43.74. Barrick Gold Corp, which already plunged 9.48 percent on Thursday after posting a sharp decline in third-quarter profit, added to earlier losses, falling another 2.38 percent to C$45.69. Agnico Eagle Mines Ltd slumped 5.3 percent to C$53.19. The overall materials group, which make up nearly 20 percent of the index's weight, was down 2.02 percent. In late morning, the Toronto Stock Exchange's S&P/TSX composite index was down 68.25 points, or 0.55 percent, 12,431.51. Six of the TSX's 10 main sectors were in negative territory. "We have to remember the TSX index has been up six days in a row, which is somewhat surprising especially when we've had a few earnings misses from some large cap names," said Gareth Watson, Vice President, Investment Management & Research at Richardson GMP. While lower commodity prices were the primary factor, Watson noted that some profit taking could also be a driver. About 25 percent of the index are energy stocks, which were down 1.09 percent, following lower U.S. crude prices. Crescent Point Energy was off 3.79 percent to C$39.86, while Canadian Natural Resources Ltd was down 1.75 percent at C$29.79. Modest gains among financial stocks - about a third of the index - helped stem some of the losses. Toronto Dominion Bank provided the biggest boost to the index, climbing 0.51 percent to C$82.15, while Manulife Financial Corp advanced 0.57 percent to C$12.43. The overall group was up 0.11 percent. In corporate news, Inmet Mining Corp, which reported a 19 percent rise in third-quarter profit, helped by higher copper sales volume from its Spanish Las Cruces mine, jumped 5.61 percent to C$55.56. Bombardier Inc was down 1.46 percent at C$3.70. Some 330 workers at a Quebec-based rail-car factory, belonging to the train-maker, went on strike on Thursday over outsourcing and pension fund issues.
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