CANADA STOCKS-Profit-taking, Greece push TSX lower

Mon Feb 6, 2012 4:41pm EST
 
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* TSX down 17.43 points, or 0.14 pct, at 12,559.85

* Six of 10 index sectors lower

* Weak commodity prices pressure TSX

By Jennifer Kwan

TORONTO, Feb 6 (Reuters) - Canada's main stock index finished lower on Monday as investors took some profits after a four-session gain, while lower commodity prices on persistent fears that Greece will not be able to avoid a messy debt default also weighed.

The index's key materials and energy sectors led the decline, falling 0.5 percent and 0.1 percent respectively as oil and gold prices dropped on the continued lack of progress in Greece's debt talks.

Canadian Natural Resources, the biggest heavyweight decliner, shed 1.4 percent to C$40.28, while fellow oil company Cenovus fell 1.8 percent to C$38.11. Diversified miner Teck Resources lost 2.1 percent to C$42.50.

" I think the big picture is this is a minor bout of profit-taking after the stellar run that you had since the beginning of the year," said Elvis Picardo, strategist and vice president of research at Global Securities in Vancouver, referring to the index's 4.2 percent rally in January.

"There's a little bit of concern about the Greek situation, but it's by no means an overreaching or huge concern at this point," he said.   Continued...