CANADA STOCKS-TSX ends lower as gold retreats from record high

Thu Oct 7, 2010 4:57pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

   * TSX falls 0.45 percent to finish at 12,445.93
 * Golds fall as the precious metal slips 2 pct
 (Adds details)
 TORONTO, Oct 7 (Reuters) - Toronto's main stock index
closed lower on Thursday, though well off session lows, as most
sectors rallied into positive territory, but gold miners helped
hold back the broader market as bullion prices retreated from
record highs.
 While six of the index's 10 main sectors finished higher,
the four declining groups included the three biggest sectors --
materials, energy and financials -- which make up about
three-quarters of the index's weighting.
 Materials, home to gold miners, was the chief drag, falling
1.6 percent, as bullion retreated 2 percent. Upbeat news on
U.S. jobless benefits shored up the U.S. dollar and prompted
gold longs to secure profits before Friday's U.S. employment
report for September. [GOL/]
 The S&P/TSX composite index .GSPTSE shed 55.79 points, or
0.45 percent, to finish at 12,445.93.
 Key decliners included Kinross Gold (K.TO: Quote), down 2.68
percent to C$19.23, while Agnico-Eagle Mines (AEM.TO: Quote) lost 3.17
percent to C$72.62. Goldcorp dropped 2.9 percent to C$44.41.
 "The biggest movers on the downside are definitely the gold
and commodity complexes. It looks like this is position
squaring more than anything else," said Elvis Picardo, an
analyst and strategist at Global Securities in Vancouver.
 The energy sectorfinished down 0.6 percent, while
financials were off 0.31 percent. Consumer staples also ended
 (Reporting by Ka Yan Ng; editing by Rob Wilson)