CANADA STOCKS-TSX slides as golds lead broad decline

Wed Dec 8, 2010 4:54pm EST
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  * TSX closes down 98.67 points, 0.74 percent, at 13,152.00
 * Nine of the index's 10 main groups lower
 * Gold prices fall 1 percent
 (Updates to close, adds details, analyst's comments)
 By Solarina Ho
 TORONTO, Dec 8 (Reuters) - Toronto's main stock index
languished in negative territory on Wednesday as sinking gold
prices led to a broad retreat.
 All but one of the TSX index's 10 main groups were in the
red, with the fall led by the materials sector, which was down
2 percent.
 Barrick Gold ABX.TO, the world's largest gold miner,
dropped 2.36 percent to C$53.47. Goldcorp G.TO was not far
behind, falling 2.89 percent to C$45.99. The gold miners
dropped on a 1 percent fall in bullion prices, which were hurt
by profit-taking for a second day after hitting record highs.
 The energy group, another index powerhouse, fell 0.98
percent on an unexpectedly large increase in U.S. fuel
inventories and a stronger U.S. dollar. [O/R]
 Canadian Natural Resources CNQ.TO, the country's No. 1
independent oil producer, slid 2.32 percent to C$42.07, while
Canada's biggest energy company, Suncor Energy SU.TO, gave
back 1.64 percent to finish at C$36.06.
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE finished down 98.67 points, or 0.74 percent, at
 The index's financial group was the lone advancer, rising
0.56 percent. Manulife Financial MFC.TO gained 3.97 percent
to 15.98, while Toronto Dominion Bank TD.TO was up 1.43
percent at C$73.20.
 "What you're seeing is a little bit of rotation from gold
stocks into the financials," said Youssef Zohny, associate
portfolio manager, Van Arbor Asset Management.
 Bonterra Energy BNE.TO was the biggest net gainer, up
C$3.13, or 7.06 percent, at C$47.48. The oil and gas company
has climbed more than 12 percent since announcing a dividend on
Dec. 2.
 ($1=$1.01 Canadian)
 (Reporting by Solarina Ho; editing by Peter Galloway)