CANADA STOCKS-TSX finishes lower as miners retreat

Tue Dec 7, 2010 4:53pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

   * 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.
 Base metals miner Teck Resources TCKb.TO slipped 0.92
percent to C$56.20 as copper prices, which hit above a record
$9,000 a ton early in the session, also eased off highs.
 "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
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE finished 25.34 points, or 0.19 percent, lower at
 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
 ($1=$1.01 Canadian)
 (Reporting by Solarina Ho; editing by Peter Galloway)