CANADA STOCKS-TSX slides lower as golds, base metals weigh

Thu Jun 3, 2010 1:00pm EDT
 
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   * TSX down 65.80 points, or 0.56 percent, AT 11,714.75
 * Weak gold, base metals prices weigh on TSX
 * Five of 10 main groups lower
 (Adds details, quote)
 By Jennifer Kwan
 TORONTO, June 3 (Reuters) - Toronto's main stock index sank
at midday on Thursday, led lower by weakness in mining shares
due in part to soft bullion and base metal prices.
 Key names on the downside included Barrick Gold (ABX.TO: Quote),
which fell 2.3 percent to C$43.80, Goldcorp G.TO, down 3
percent at C$44.56, and Teck Resources TCKb.TO, which dropped
4.1 percent to C$34.59.
 Fertilizer giant Potash Corp of Saskatchewan Inc POT.TO
was down 2 percent at C$101.09, while the broader materials
group sank 2.3 percent.
 "You've seen a drop in gold prices so there's some
profit-taking in the gold sector on the back of that decline in
gold," said Elvis Picardo, an analyst and strategist at Global
Securities in Vancouver.
 Gold prices eased as risk sentiment overseas improved on
investor optimism about the economic recovery, with global
equities moving higher. Base metals reversed earlier gains on
lingering concerns over European sovereign debt levels and
monetary tightening in China. [GOL/] [MET/L]
 At 12:40 p.m. (1640 GMT), The Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was down 65.80 points, or
0.56 percent, at 11,714.75, with half of its 10 main groups
lower.
 Earlier, the resource-heavy index followed global and U.S.
equities higher, supported by strength in energy issues as oil
prices climbed above $73 a barrel. [O/R
 However, oil prices turned negative, dragging the energy
sector down to the break-even level, while U.S. stocks lost
steam as investors digested mixed U.S. economic data. [.N]
[ID:nN0360959]
 Gainers included Canadian Natural Resources (CNQ.TO: Quote), up
1.4 percent at C$37.18, and Enbridge Inc (ENB.TO: Quote), which rose
1.8 percent to C$48.79, while Canadian Pacific Railway (CP.TO: Quote)
was up 2.4 percent to C$59.58.
 ($1=$1.04 Canadian)
 (Reporting by Jennifer Kwan; editing by Rob Wilson)