CANADA STOCKS-TSX skids on weaker resources; ends up on week

Fri Feb 4, 2011 5:55pm EST
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   * TSX down 49.50 points, or 0.36 pct, at 13,791.85
 * Six of 10 main groups advance
 (Updates with details, comments)
 By Solarina Ho
 TORONTO, Feb 4 (Reuters) - Toronto's main stock index
finished lower on Friday as a drop in oil and gold prices
sideswiped heavyweight resource issues.
 Suncor Energy SU.TO fell 3.24 percent to C$40.61, while
Imperial Oil IMO.TO slipped 1.55 percent to C$45.19 and
Talisman Energy TLM.TO shed 2.15 percent to finish at
 The overall energy group, which make up more than a quarter
of the Toronto index, gave back 1.45 percent.
 Brent crude futures fell nearly 2 percent after an
apparently unfounded media report about a possible announcement
from Egypt sparked speculation President Hosni Mubarak could be
stepping down.
 Crude prices later pared losses, but were still down more
than $1. Weak employment data out of the United States also
added pressure as the U.S. dollar firmed. [O/R]
 A stronger greenback can pressure dollar-dominated oil,
because consumers using other currencies must pay producers
more, curbing demand.
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE closed down 49.50 points, or 0.36 percent, at
13,791.85. Six of its 10 main groups ended higher.
 The index gained 2.6 percent on the week, hitting its
highest level since July 2008 on Thursday as upbeat sentiment
on the economy spurred a rally.
 "It's been a pretty good week for the TSX on the whole...
The tone of the markets and the resiliency has been quite
surprising," said Elvis Picardo, an analyst and strategist at
Global Securities.
 "We're inching toward the 14,000 level, something which
didn't seem possible two years ago, but here we are... The
market has been a little cautious in terms of pushing the TSX
ever higher, and I think that caution is reflected in today's
modest decline as well."
 The hefty materials group, home to mining companies, was
also a decliner, giving back 0.74 percent. Diversified miner
Teck Resources TCKb.TO skidded 1.86 percent to C$61.76, while
uranium major Cameco Corp CCO.TO retreated 2.36 percent to
 Barrick Gold ABX.TO finished down 1.59 percent at C$47.51
while Kinross Gold K.TO fell 2.56 percent to C$16.75.
 "Gold itself, near term, tread on the upside, so I think
the correction is over, but the stocks aren't telling us that,"
said John Ing, president of Maison Placements Canada.
 Gold prices softened against a stronger U.S. dollar and the
rush to safe-haven bullion eased following the media report out
of Egypt. For the week, however, the precious metal notched its
first weekly gain of the year. [GOL/]
 On the upside, the TSX financial group, which makes up
nearly 30 percent of the index, extended its rally, climbing
0.45 percent. Toronto-Dominion Bank TD.TO rose 0.77 percent
to end at C$78.23.
 The market seemed to largely shrug off a strong Canadian
employment report, which showed the economy had recouped all
the jobs lost during the recession, offering further evidence
the economic recovery was on track. South of the border, the
jobs picture was mixed and weighed on U.S. stocks.
[ID:nN04174016] [ID:nN0366997] [STXNEWS/US]
 "Even though the Canadian numbers were much better than
consensus ... the market was sort of anticipating the strength
in the jobs numbers," said Picardo.
 "No real surprises in either of the jobs numbers and I
think that's reflected in the tepid market reaction."
 ($1=$0.99 Canadian)
 (Reporting by Solarina Ho; editing by Rob Wilson)