CANADA STOCKS-TSX knocked lower, but secures weekly gain

Fri Dec 4, 2009 4:33pm EST
 
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 * TSX ends down 125.75 points at 11,510.80
 * Finishes week with gain of 0.4 percent
 * Royal Bank meets estimates, shares fall
 (Adds details, comments and official numbers)
 By Frank Pingue
 TORONTO, Dec 4 (Reuters) - Toronto's main stock index
dropped on Friday as a slide in commodity prices hurt the
resource-heavy index and wiped out nearly all the gains
recorded earlier in the week.
 The sharp pullback was headlined by shares of Barrick Gold
Corp (ABX.TO: Quote), which fell 8.7 percent to C$45.10. Goldcorp
(G.TO: Quote) tumbled 5.9 percent to C$44.66.
 The two gold miners and their peers were unloaded as the
price of the precious metal fell more than 3 percent after the
U.S. dollar rallied on data showing far fewer job losses in the
United States than expected. [GOL/][ID:nN04320079]
 Weighty energy shares were also a drag on the TSX as U.S.
crude futures CLc1 fell 99 cents to settle at $75.47, given
the strong greenback.
 A higher U.S. dollar makes dollar-denominated commodities
like crude more expensive for holders of other currencies and
generally pressure prices. [O/R]
 Suncor Energy (SU.TO: Quote) fell 3 percent to C$37.91, while
Talisman Energy TLM.TO dropped 1.4 percent to C$18.17.
 The S&P/TSX composite index .GSPTSE closed down 125.75
points, or 1.08 percent, at 11,510.80. For the week, the index
managed a gain of 0.4 percent.
 Still, the drop by the TSX did not trigger much concern,
given a pair of advances earlier this week that had lifted the
index to its highest level in over 14 months.
 "I would attribute (the pullback) to buyer fatigue," said
Elvis Picardo, an analyst and strategist at Global Securities
in Vancouver. "Investors are really looking for new reasons to
push the market higher and today wasn't really a convincing day
on that front."
 Picardo said a good example of buyer fatigue was displayed
by shares of Royal Bank of Canada (RY.TO: Quote), which dropped 2.6
percent to C$55.98, even after the country's biggest bank
reported a quarterly profit that met expectations.
[ID:nN04143770]
 (Editing by Rob Wilson)
 ((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]
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 ......
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
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/]