CANADA STOCKS-TSX ends down, but rebounds from early losses

Mon Apr 6, 2009 5:19pm EDT
 
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* TSX ends down 0.55 percent at 9,016.17

* U.S. bank commentary shakes financials

* TSX pressured by lower commodity prices, Barrick hit (Adds details)

By Ka Yan Ng

TORONTO, April 6 (Reuters) - Toronto's main stock index closed lower on Monday but clawed back some of its early losses as rebounds in the heavyweight financial and energy groups offset falling gold miners.

The falling price of gold, which hit its lowest level since late January, put heavy pressure on the materials group. Shares of Barrick Gold (ABX.TO: Quote), the main drag on the index, fell 4.56 percent to C$35.61, while Goldcorp (G.TO: Quote) was down 1.8 percent at C$37.40. The materials group as a whole ended 2.9 percent lower.

The index fell sharply in the morning as a U.S. analyst's note sapped optimism about the bank sector. A Calyon Securities analyst initiated coverage on some large U.S. banks with "underperform" or "sell" ratings, citing risk-taking by banks in several areas. [ID:nN06391861]

The TSX financials group fell more than 1 percent, but rebounded somewhat to finish down 0.75 percent. Toronto-Dominion Bank (TD.TO: Quote) fell 2 percent to C$45.26. Insurers offset some of the group's weakness, as Manulife Financial (MFC.TO: Quote) gained nearly 2 percent to C$16.71, while Sun Life (SLF.TO: Quote) advanced 0.83 percent to C$24.40.

Energy issues recovered most of their early losses by session's end as the price of oil, a key Canadian export, bounced off its lows and was above $51 a barrel. The energy sector ended nearly flat, down 0.01 percent.   Continued...