CANADA STOCKS-TSX stumbles on weak earnings, profit-taking

Wed Feb 9, 2011 4:56pm EST
 
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   * TSX down 108.22 points, or 0.78 percent, at 13,784.30
 * Seven of the index's 10 main groups lower
 * Teck shares fall more than 8 percent
 (Updates with details, comment)
 By Solarina Ho
 TORONTO, Feb 9 (Reuters) - Toronto's main stock index
skidded lower on Wednesday after recent gains as profit-taking
and some disappointing earnings weighed on mining and energy
issues.
 Diversified miner Teck Resources TCKb.TO, whose earnings
late on Tuesday fell short of expectations, slumped 8.34
percent to finish at C$57.95. [ID:nN09170835]
 Copper miner First Quantum Minerals Ltd FM.TO fell 5.5
percent to C$129.75.
 Copper prices, which hit record highs in recent sessions,
fell to their lowest level in over a week on concerns over
inflation and tepid demand from China, the biggest consumer of
the metal. [MET/L]
 Barrick Gold ABX.TO was down 1.57 percent at C$47.69,
while Kinross Gold K.TO slid 2.81 percent to C$16.62.
 Bullion prices were largely unchanged after rising more
than 4 percent in the past 10 days. [GOL/]
 The influential materials group, home to mining companies,
was down 1.86 percent.
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE closed down 108.22 points, or 0.78 percent, at
13,784.30, following two winning sessions. Seven of the index's
10 main groups retreated.
 "It looks the market just kind of got a bit ahead of
itself," said Youssef Zohny, an associate portfolio manager at
Van Arbor Asset Management.
 "Today we're seeing very strong weakness in the materials
sector ... It could be that we're seeing some profit-taking."
 The energy group was also weaker, down 0.75 percent.
Talisman Energy TLM.TO was off 2.25 percent at C$22.60, while
Encana Corp ECA.TO declined 1.92 percent to C$30.65.
 Brent crude hit nearly $102 a barrel on Wednesday as unrest
in Egypt kept investors worried, but U.S. oil prices slipped on
rising inventories. [O/R] [ID:nL3E7D90CD]
 Bucking the downward trend, TMX Group X.TO closed up 6.4
percent at C$42.85 on news that it had reached a merger
agreement with the London Stock Exchange LSE.L.
 Shares of Agrium AGU.TO rose 3 percent to C$95.65 after
the big farm products retailer and fertilizer producer reported
a stronger quarterly profit and a healthy outlook for 2011.
 ($1=$0.99 Canadian)
 (Reporting by Solarina Ho; editing by Rob Wilson)