CANADA STOCKS-TSX opens lower on weaker commodity prices

Tue Mar 9, 2010 10:22am EST
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 * TSX down 27.94 points, or 0.23 percent, at 11,935.90
 * Materials shares drop 0.9 percent, lead TSX lower
 * Bank of Nova Scotia falls 0.7 pct
 (Adds details, quote)
 By Jennifer Kwan
 TORONTO, March 9 (Reuters) - Toronto's main stock index
stumbled on Tuesday morning as a stronger U.S. dollar weighed
on oil and gold prices, pushing down heavily weighted resource
 The materials sector, home to mining and
fertilizer-producer shares, dropped 0.9 percent as gold and
base metal prices fell on broad investor risk aversion. [GOL/]
 Barrick Gold ABX.TO fell 1.1 percent to C$40.41, Teck
Resources TCKb.TO dropped 1.8 percent to C$40.83, and Potash
Corp of Saskatchewan POT.TO fell 0.9 percent to C$120.22.
 Suncor Energy SU.TO dropped 1.6 percent to C$31.53 as oil
prices fell below $81 a barrel. [O/R]
  Anxiety about the economic outlook has crept back into the
market, said Paul Gardner, partner and portfolio manager at
Avenue Investment Management. He said concern is largely fueled
by underlying worries about the fiscal health of Greece.
 "People are still wary. They're still concerned about the
economy," he said.
 At 9:57 a.m. (1457 GMT), the S&P/TSX composite index
.GSPTSE was down 27.94 points, or 0.23 percent, at
 Bank of Nova Scotia BNS.TO said its profit rose in its
first quarter, beating analysts' expectations, as domestic
banking earnings surged and loan losses were lower than
anticipated [ID:N08126522]. Shares of Canada's third-largest
lender fell 0.7 percent to C$49.75.
"Earnings from Scotia were better than expected, but I
think the market went ahead of itself and all the good news was
already priced in. Now that earnings are out of the way, you're
seeing some small profit-taking," said Francis Campeau, broker
at MF Global Canada, in Montreal.
 ($1=$1.03 Canadian)
 (Reporting by Jennifer Kwan; editing by Peter Galloway)