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

Thu Dec 3, 2009 10:22am EST
 
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 * 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: Quote) shares were off 2.3 percent at C$22.55,
while Goldcorp (G.TO: Quote) 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: Quote) were up 0.5 percent
at C$49.60, while Canadian Imperial Bank of Commerce (CM.TO: Quote)
shares rose 2.8 percent to C$70.39. Toronto-Dominion Bank
(TD.TO: Quote) 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))
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FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS:
TSX market report..........[.TO]
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Top News: Canada ......[TOP/CAN]
Today in Canada.......[CA/DIARY]
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FOR CANADIAN MARKETS DATA, CLICK ON CODES IN BRACKETS:
Canadian Equities speed guide.......<CA/EQUITY>
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S&P/TSE Venture composite index ......
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 .......
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
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  Xetra DAX..............GDAXI  Frankfurt market stories[.F]
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