February 3, 2010 / 4:04 PM / 7 years ago

CANADA STOCKS-TSX falls with financials, oils, but Potash up

3 Min Read

* TSX off 0.11 percent at 11,396.07

* Gold miners gain, financials ease

* Potash Corp shares gain as BPC raises potash prices (Adds details)

By Ka Yan Ng

TORONTO, Feb 3 (Reuters) - Toronto's main stock market index was lower on Wednesday morning as a rally in Potash Corp (POT.TO) shares was offset by weakening financial and energy shares.

On the downside, Suncor Energy (SU.TO) fell 1.77 percent to C$32.26, while Royal Bank of Canada (RY.TO) lost 0.63 percent to C$53.46.

Potash Corp of Saskatchewan led all heavyweight risers, up more than 4 percent at C$115.02, after Russian potash exporter BPC raised spot prices for the crop nutrient by more than 6 percent. [ID:nLDE6120XC] [ID:nN03149519]

"There's not a lot of movement in any one sector, except maybe materials getting a little strength to Potash Corp. But you back out Potash Corp and it's essentially a noneventful day," said Gareth Watson, an equity advisor at ScotiaMcLeod.

He said financials may be taking a "time out" after participating in the market rally on Monday and Tuesday.

At 10:30 a.m. (1530 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 12.27 points, or 0.11 percent, at 11,396.07.

Gold miners, part of the index's materials group, were among early winners as the price of gold ticked higher. Also, Deutsche Bank started coverage of several gold companies, and put a "buy" rating on Kinross Gold (K.TO). It started Barrick Gold (ABX.TO) and Goldcorp (G.TO) with "hold".

Kinross was up 2 percent at C$18.62, while Goldcorp was flat at C$37.69. Barrick was 0.21 percent lower at C$38.22.

Oil company Canadian Natural Resources (CNQ.TO) was firmer after Goldman Sachs added the country's biggest independent oil explorer to its "conviction buy" list. Canadian Natural was the third biggest heavyweight gainer, up 1.2 percent at C$71.60. [ID:nSGE6120GM]

Energy shares overall were pressured by some weak results from Canada's oil and gas group, after Imperial Oil (IMO.TO) reported worse-than-expected quarterly profit. Goldman Sachs also removed Suncor from its "conviction buy" list, though it kept its "buy" rating.

Figures for the S&P/TSX composite did not update electronically for several minutes after the market opened, although individual stocks were on the move. Officials at Toronto Stock Exchange owner TMX Group Inc (X.TO) and Standard and Poor's said they were investigating.

$1=$1.06 Canadian Editing by Peter Galloway

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below