CANADA STOCKS-TSX ends lower as Fed report hits confidence

Wed Jun 9, 2010 4:46pm EDT
 
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*TSX closes down 66.54 points at 11,450.64

*Financials, gold stocks weigh

*Energy, base-metals higher (Updates to close)

By Claire Sibonney

TORONTO, June 9 (Reuters) - Toronto's main stock index closed lower on Wednesday as investor sentiment soured after the U.S. Federal Reserve's Beige Book said economic growth was subdued in many U.S. districts.

The index's economically sensitive financial sector fell 1.2 percent in reaction. Royal Bank of Canada RY.TO dropped 1.6 percent to C$52.03, and Toronto-Dominion Bank TD.TO, was down 1.2 percent at C$68.89.

Gold stocks ended more than 2 percent lower as the price of the precious metal retreated from the record high it set on Tuesday. [GOL/]

Barrick Gold Corp ABX.TO, the world's largest producer, dropped 2.1 percent to C$44.55, while Goldcorp Inc G.TO also declined 2.1 percent to C$45.44.

"Firstly, it's the same old pattern that we've seen for days on end now. But today there were a couple factors that led to most of the gains evaporating in the last hour of trading," said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.   Continued...