December 3, 2009 / 3:24 PM / 8 years ago

CANADA STOCKS-TSX lower as gold offsets rally in bank shares

4 Min Read

 * TSX down 44.87 points at 11,734.86
 * Slide follows two days of gains
 * Gold-miners offset  (Adds details and comments)
 By Frank Pingue
 TORONTO, Dec 3 (Reuters) - Toronto's main stock index was lower on Thursday morning after a back-and-forth start to the session as the drag from lower gold prices more than offset the boost provided by upbeat bank earnings.
 A budding early rally was spoiled by shares of gold miners, which retreated as the price of gold fell to a session low. [GOL/]
 Kinross Gold (K.TO) shares were off 2.3 percent at C$22.55, while Goldcorp G.TO shares fell 1.4 percent to C$47.48.
 But the slide was cushioned by weighty financials as a pair of big banks, CIBC and Toronto-Dominion Bank reported better than expected profits and offered signs that bad loans may have peaked. Bank executives said they were heading into 2010 primed for growth. [ID:N0375031]
 Shares of Bank of Nova Scotia BNS.TO were up 0.5 percent at C$49.60, while Canadian Imperial Bank of Commerce CM.TO shares rose 2.8 percent to C$70.39. Toronto-Dominion Bank TD.TO shares were off 0.6 percent at C$67.35
 "The banks are full of surprises," said Sal Masionis, stockbroker at Brant Securities. "We are fairly safe until year-end, there is always usually a positive action to the market in December so we will see what happens."
 At 10:10 a.m. (1510 GMT), the S&P/TSX composite index .GSPTSE was down 44.87 points, or 0.38 percent, at 11,734.86. Earlier it had rallied 36 points.
 The TSX is up about 57 percent since tumbling to a five-year low in March.
 ($1=$1.06 Canadian)  (Editing by Peter Galloway)  ((frank.pingue@thomsonreuters.com ; +1 416 941-8094; Reuters Messaging: frank.pingue.reuters.com@reuters.net)) ============================================================== FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS: TSX market report..........[.TO] Canadian dollar and bonds report....[CAD/][CA/] Top News: Canada ......[TOP/CAN] Today in Canada.......[CA/DIARY] Canadian company news .. [E-CAN] Reuters global stocks poll (Canada)...EQUITYPOLL5 [EPOLL/CA] FOR CANADIAN MARKETS DATA, CLICK ON CODES IN BRACKETS: Canadian Equities speed guide.......<CA/EQUITY> S&P/TSX Composite index ...............GSPTSE S&P/TSE Venture composite index .......SPCDNX TSX most active..........AV.TO Venture Exchange most active.............AV.V Top TSX pct gainers......PG.TO Top TSX pct losers.......PL.TO S&P/TSX 60 index ........TSE60 52 week highs:
 TSX...............t.YH.TO  Venture..............t.YH.V 52 week lows:
 TSX...............t.YL.TO  Venture..............t.YL.V Canadian dollar quote......CAD=CAD=D3=CAD FOR MAIN GLOBAL MARKET DATA AND MARKET REPORTS:   FTSE EUROTOP 300 ......FTEU3  EUROPEAN REPORT .......[.EU]   Nikkei 225..............N225  Tokyo report............[.T]   FTSE 100................FTSE  London report...........[.L]   Xetra DAX..............GDAXI  Frankfurt market stories[.F]   CAC-40...FCHI  Paris market stories...[.PA]   World Indices.......<0#.INDEX>   Foreign exchange........[FRX/]   Oil.......[O/R]   US Treasuries............[US/]   International bonds.....[EUB/]   Gold.........[GOL/X] or [GOL/]   CRB index of commodity futures.........[CRB/] 

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