CANADA STOCKS-TSX falls on gold miners, financials

Fri Feb 17, 2012 12:25pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX down 44.42 pts, or 0.4 pct, at 12,441.17

* Gold miners, financials drag

* Greek debt deal progress helps sentiment

By Jon Cook

TORONTO, Feb 17 (Reuters) - Toronto's main stock index was lower at midday on Friday as earnings-related drops in gold-mining and financial shares offset optimism that Greece will seal a long-awaited bailout deal next week and avoid a messy debt default.

Soft earnings from Canada's top gold miners this week dragged on the heavyweight materials sector, which fell 1 percent. Financial shares were down 0.2 percent, hurt by a big quarterly loss reported by Fairfax Financial Holdings.

Among miners, Barrick Gold tumbled 2.1 percent to C$46.99 after the country's largest gold producer reported an increase in quarterly operating profit on Thursday, but still fell short of expectations.

Smaller miners Kinross Gold and Agnico-Eagle also weighed after both reported massive impairment charges. Kinross was down 2.3 percent at C$10.81, and Agnico-Eagle fell 2.8 percent to C$35.54   Continued...