CANADA STOCKS-TSX finishes lower as miners retreat

Tue Dec 7, 2010 5:25pm EST
 
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   * Closes 25.34 points, or 0.19 percent, lower at 13,250.67
 * five of the index's 10 groups were down
 * Gold and copper prices off record highs
 By Solarina Ho
 TORONTO, Dec 7 (Reuters) - Toronto's main stock index
closed lower on Tuesday as retreating metals prices encouraged
investors to take profits after the market's recent run-up.
 Half of the index's 10 main groups were lower, with the
hefty materials group, home to mining shares, leading the
decliners and falling 1.32 percent after making gains in the
past five sessions.
 Gold miners sagged as gold prices, which hit a record high
early in the day, fell on profit-taking. Kinross Gold (K.TO: Quote)
slid 2.74 percent to C$18.84, and Goldcorp (G.TO: Quote) fell 1.66
percent to C$47.36. [GOL/]
 Base metals miner Teck Resources (TCKb.TO: Quote) slipped 0.92
percent to C$56.20 as copper prices, which rose to a record
high above $9,000 a ton early in the session, also eased.
[MET/]
 "We got a little too far, too fast. Things like gold,
silver and copper -- we've been setting new highs almost on a
daily basis for the past week, so certainly we're due for a bit
of a pause," said Levente Mady, a market strategist at Union
Securities.
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE finished 25.34 points, or 0.19 percent, lower at
13,250.67.
 "It's been a very positive market so I certainly am not
going to complain about a slightly down market," said Ian
Nakamoto, director of research at MacDougall, MacDougall &
MacTier. "I think people want to say, 'Enough is enough...I
want to have a good profit, let's not let it slip out of my
hands'."
 After hitting its highest level since Sept. 2, 2008,
shortly after the open, the index seesawed through the
remainder of the day as gains among energy issues offset losses
among the miners.
 Energy shares finished higher for a fifth straight session,
up 0.4 percent. Leading the charge was Canada's biggest energy
company, Suncor Energy (SU.TO: Quote), which climbed 1.64 percent to
C$36.66. Talisman Energy TLM.TO rose 1.13 percent to C$20.54.
[O/R]
 "That sector's really lagged and it's only recently that
it's really started to move up. I've felt for a while that it
was an undervalued sector," Nakamoto said.
 The index's financial group climbed 0.38 percent. Canada's
fourth largest bank, Bank of Montreal (BMO.TO: Quote), jumped 3.12
percent to C$61.87 following a better-than-expected quarterly
earnings report. [ID:nN07264531] Toronto-Dominion Bank (TD.TO: Quote),
which was reported to be in talks to buy lender Chrysler
Financial, advanced 1.85 percent to C$72.17. [ID:nN07286579]
Offsetting gains was Bank of Nova Scotia (BNS.TO: Quote), which
slipped 2 percent to C$55.00 after climbing 4 percent since
last Friday.
 In individual company news, Research In Motion RIM.TO
slid 1.77 percent to C$62.72. Two brokerages downgraded the
BlackBerry maker as it faces increased competition from iPhone
and Android-based smartphones. The overall tech group was down
0.58 percent. [ID:nSGE6B609H]
 ($1=$1.01 Canadian)
 (Reporting by Solarina Ho; editing by Peter Galloway)