Toronto stocks pulled down by profit-taking
By Leah Schnurr
TORONTO (Reuters) - The Toronto Stock Exchange's main index slid on Monday as gains in the energy sector were undercut by profit-taking among bank and gold issues.
The S&P/TSX composite index .GSPTSE closed down 60.21 points, or 0.45 percent, at 13,258.16 with seven of its 10 main groups on the downside.
The gold-producers subindex, which has enjoyed a strong run since the beginning of the year, retreated 2.9 percent with Barrick Gold ABX.TO down C$1.58, or 3.1 percent, at C$49.06.
The group was stung by declines in the price of gold, which also fell on profit-taking and technical selling. The broader materials sector was off 0.8 percent.
Financials, which rose nearly 4 percent on bargain-hunting last week, turned around and shed 1.2 percent. Canadian Imperial Bank of Commerce CM.TO was down C$1.84, or 2.5 percent, at C$71.64, while Toronto-Dominion Bank TD.TO fell C$1.14, or 1.7 percent, to C$67.89.
"One could say it's simply profit-taking -- those two (sectors) had the biggest bounce," said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.
"Having said that, it's still rather encouraging. You would think with such a big bounce up, it would be more aggressive profit-taking."
The benchmark had its best week in months last week, gaining 3.3 percent, as it continued its climb back from mid-January's massive slump. Continued...