February 9, 2011 / 10:00 PM / 7 years ago

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

   * 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)                                        

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