October 4, 2010 / 3:10 PM / 7 years ago

REFILE-CANADA STOCKS-TSX stumbles as weak golds weigh

2 Min Read

 (Refiles to fix typo in headline)
 * TSX down 0.3 percent at 12,329.63
 * Seven of 10 main sectors lower  (Adds details, quote)
 By Solarina Ho
 TORONTO, Oct 4 (Reuters) - Toronto's resource-heavy stock index fell slightly on Monday morning as weaker bullion prices, pressured in part by a firmer U.S. dollar, weighed on gold-mining issues.
 The TSX's key materials sector sank 1.3 percent, led by heavyweights including Barrick Gold (ABX.TO), which was down 2.1 percent at C$46.92, while Agnico-Eagle Mines (AEM.TO) fell 2.2 percent to C$70.97.
 Gold prices hovered near record levels on Monday, but struggled to gain traction as the U.S. dollar rose on resurgent fears over some euro zone economies. [GOL/] [FRX]
 Teck Resources TCKb.TO dropped 1.1 percent to C$42.88 as a rally in copper prices stalled, in part due to the strengthening greenback. [MET/L]
 At 10:55 a.m. (1455 GMT), the S&P/TSX composite index .GSPTSE was down 33.45 points, or 0.3 percent, at 12,329.63, with seven of its 10 main sectors lower.
 "We would expect to see the stock market to take a little pause, especially if gold prices start to peter off here as the U.S. dollar starts to pick up strength, and that could be a little punishing for October," said Barry Schwartz, vice-president and portfolio manager at Baskin Financial Services.
 "I would expect that, after a terrific September, the Canadian stock market and U.S. stock market are probably due for some kind of pause," he said.
 The TSX index ended September, historically the worst-performing month of the year, up 3.8 percent, and finished the third quarter up 9.5 percent.
 ($1=$1.02 Canadian)  (Reporting by Solarina Ho; editing by Rob Wilson)                                         

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