CANADA STOCKS-TSX down as resources hit by lower oil, gold

Fri Mar 2, 2012 12:04pm EST
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* TSX 52.16 points, or 0.4 percent, at 12,671.30

* Materials, energy issues weigh

* Oil and metal prices drag on shares

* Financials slide despite healthy bank earnings

By Jon Cook

TORONTO, March 2 (Reuters) - Toronto's main stock index was lower at midday on Friday as a stronger U.S. dollar pressured oil and gold prices, hurting resource issues.

Six of the index's 10 main sectors were lower, with the heavyweight materials and energy groups leading the way, down 0.7 percent and 0.6 percent respectively. Miners and oil and gas producers slumped as gold and oil prices slid alongside a drop in the euro against the greenback.

"One of the stories here is the euro, which was trading at US$1.34 only days ago, has come off and that has implications for commodities prices, all of which are denominated in U.S. dollars," said Robert Gorman, chief portfolio strategist at TD Waterhouse.   Continued...