CANADA STOCKS-TSX index sags as oils, golds retreat

Mon Feb 2, 2009 4:56pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX touches lowest level since Jan. 23

* Lower gold price helps to drag down materials

* Energy group retreats with oil price (Adds details, quote)

TORONTO, Feb 2 (Reuters) - Toronto's main stock index fell broadly on Monday, pressured by softer oil and gold prices, while concerns about the deteriorating global economy weighed on financial issues.

Tumbling commodity prices combined to push the materials and energy sectors down 2.2 percent and 0.7 percent, respectively.

Among heavyweight issues pressuring the index, Barrick Gold ABX.TO was down 2.9 percent at C$44.79, while Goldcorp Inc G.TO slipped 2.5 percent to C$35.42, as the price of gold dropped as short-term investors took profits. [ID:nL2227333]

Energy company Canadian Natural Resources CNQ.TO fell 2.5 percent to close at C$42.80, retreating along with the price of crude CLc1, which settled at $40.08 a barrel, down 3.84 percent.

The price of crude fell as demand concerns were fueled by gloomy economic data, including a drop in U.S. consumer spending in December. [ID:nSYD119442]

"It's a realization that the economy continues to weaken here and earnings expectations continue to ratchet down," said Michael Sprung, president at Sprung & Co. Investment Counsel.   Continued...