CANADA STOCKS-TSX ends lower as resources, banks retreat

Tue Mar 9, 2010 5:06pm EST
 
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* TSX drops 45.13 points, or 0.38 percent, to 11,918.71

* Energy, materials shares lead TSX lower

* Scotiabank falls 1.4 pct despite profit rise (Adds quotes, details)

By Jennifer Kwan

TORONTO, March 9 (Reuters) - Toronto's main stock index fell for a second straight session on Tuesday as weaker oil and gold prices pulled resource issues lower and most bank stocks dropped amid profit-taking.

The TSX materials sector, home to mining and fertilizer companies, dropped 0.8 percent as metal prices slipped on rising risk aversion, fueled by sovereign debt worries. [GOL/] The oil and gas group fell 0.6 percent as oil prices dropped on concerns about the economic recovery, which also sparked buying of the safe-haven U.S. dollar. [O/R]

Barrick Gold ABX.TO fell 0.7 percent to C$40.54, and Teck Resources TCKb.TO dropped 1.3 percent to C$41.04. Potash Corp of Saskatchewan POT.TO fell 0.8 percent to C$120.36. Suncor Energy SU.TO slid 2 percent to C$31.39.

Also weighing on the Toronto index was the heavyweight financial sector, down 0.5 percent, with Royal Bank of Canada RY.TO falling 1.1 percent to C$57.96.

Bank of Nova Scotia BNS.TO slipped 1.4 percent to C$49.42 even after it beat market expectations by reporting a profit rise of 17 percent in the first quarter as domestic banking earnings surged and loan losses were lower than anticipated. [ID:nN08126522].   Continued...