June 6, 2011 / 3:02 PM / 6 years ago

CANADA STOCKS-TSX retreats as oils, financials drag

3 Min Read

   * TSX down 123.90 points, or 0.92 pct, at 13,394.01
 * Nine of the 10 main groups lower, materials lone gainer
 By Solarina Ho
 TORONTO, June 6 (Reuters) - Toronto's main stock index was broadly lower on Monday morning, falling as much as 1 percent as cooling oil prices and signs of a slowing U.S. economy continued to dampen sentiment.
 Energy stocks were down more than 1.6 percent, with Suncor Energy (SU.TO) off 2.42 percent at C$38.64. It was the biggest drag on the TSX. Canadian Natural Resources (CNQ.TO) was not far behind, giving back 1.96 percent to C$39.95.
 Royal Bank of Canada (RY.TO) followed closely with a 1.52 percent fall to C$54.36 to help pull the economically sensitive financial group down 1.32 percent. Toronto-Dominion Bank TD.TO slid 1.43 percent to C$80.52.
 Energy and financials combine to make up more than 50 percent of the index's weight.
 At 10:54 (1454 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 123.90, or 0.92 percent, at 13,394.01 after falling 1.08 percent earlier.
 The materials group was up 0.22 percent and was the only gainer of the TSX's 10 main groups.
 "Precious metals are a little better, oils are down ... net-net, the market's got a downward tone here," said Bruce Latimer, a trader at Dundee Securities.
 Investors were lured by safe-haven gold, which climbed to its highest level since early May, driven by concerns over the outlook for the U.S. growth.
 The gold mining subgroup was up 0.5 percent. Barrick Gold (ABX.TO) and Goldcorp (G.TO) were among the top gainers, rising 1.31 percent to C$45.46 and 1.21 percent to C$48.56 respectively. [GOL/]
 Last Friday, dismal U.S. jobs data rekindled worries about an economic slowdown in the United States, and dragged oil prices lower on increased fears of weaker demand. [O/R]
 Sino-Forest Corp TRE.TO, which accused a short seller of defamation for alleging it fraudulently exaggerated its Chinese forestry assets, rebounded from its more than 60 percent dive last week, to jump more than 54 percent on Monday to C$8.09. [ID:nN06249068]
 ($1=$0.98 Canadian)  (Editing by Rob Wilson)                                        

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