CANADA STOCKS-Strong golds cushion TSX fall

Mon Apr 9, 2012 10:52am EDT
 
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* TSX down 29.26 points, or 0.2 pct, at 12,073.85
    * Golds offset financials after U.S. jobs disappoint

    By Claire Sibonney	
    TORONTO, April 9 (Reuters) - Toronto's main stock index
slipped on Monday for the fourth straight session following much
weaker-than-expected U.S. non-farm payroll data on Friday, an
equity market holiday, though rallying gold miners limited the
losses.	
    Financials were among the heaviest decliners, down 0.8
percent. Bank of Nova Scotia fell 1.1 percent to
C$54.77, Royal Bank of Canada lost 0.8 percent to
C$56.53 and insurer Manulife Financial dropped 2.4 to
C$12.83.	
    On the upside, safe-haven gold miners climbed 2.1 percent as
the price of bullion approached $1,650 an ounce, recovering from
last week's hefty drop after the below-forecast U.S. jobs report
revived hopes for fresh monetary easing and a spike in Chinese
inflation boosted appetite for the metal. 	
    "A lot of the buyers have backed away  but the Toronto
market isn't down that much ... golds are trying to find a level
here and they're all looking a little bit better," said Bruce
Latimer, trader at Dundee Securities.	
    "They've been beaten up pretty good for the last two weeks."	
    Barrick Gold Corp was up 2.4 percent at C$41.47 and
Goldcorp Inc gained 2.3 percent to C$41.52.	
    At 10:36 a.m. (1436 GMT) The Toronto Stock Exchange's
S&P/TSX composite index was down 29.26 points, or 0.24
percent, at 12,073.85.	
    Weighing on appetite for riskier assets, data on Friday
showed U.S. non-farm payrolls grew by 120,000 last month, far
below the forecast gain of 203,000 jobs. 	
    The report casts doubt over the ability of the United States
to help boost the global economy as Europe's debt crisis
resurfaces and worries remain whether China's economy will avoid
a hard landing. 	
    Surprisingly soft producer prices data in China sparked
concerns of waning demand, reinforcing expectations that a
cooling economy has eclipsed inflation as the Chinese
government's biggest near-term worry. 	
    A lack of major U.S. and Canadian economic data on Monday
will keep investors focused on last the recent U.S. payrolls
report, which came in on Good Friday. Latimer noted that volume
on Monday was also especially light, given many market players
were off for the Easter holiday.