CANADA STOCKS-TSX slips after 4 days of gains; Barrick weighs

Wed Sep 9, 2009 10:53am EDT
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* TSX down 46.38 points, or 0.42 percent, at 11,058.92

* Barrick shares drop 4.6 pct after equity offering

* Index holds above psychological 11,000 level (Adds details, quotes)

By Jennifer Kwan

TORONTO, Sept 9 (Reuters) - Toronto's main stock market index sank on Wednesday, following four sessions of gains driven by robust commodity prices, as investors paused and digested news of a huge equity offering by Barrick Gold ABX.TO.

Barrick, the world's No 1 gold miner, was the top influential name on the downside after an earlier halt, falling 4.6 percent to C$40.49. The move came after a U.S. securities filing on Wednesday showed it will raise the value of an announced equity offering to $4.03 billion from the previous maximum of $3.45 billion. [ID:nN08295810]

But the retreat was broadly based and other influential names on the downside included Bank of Nova Scotia BNS.TO, down 1.6 percent at C$44.13, Research in Motion RIM.TO, down 0.7 percent at C$85.03, and Goldcorp G.TO, which slumped 0.6 percent at C$44.02.

The weaker showing comes even as domestic data showed housing starts rose 12.1 percent in August from July, more than forecast, largely from big gains in construction of condos and apartments. [ID:nN09322143]

The pullback also comes after the TSX on Tuesday touched its highest level since early October, ending the session up 48 percent from its five-year low hit in early March.   Continued...