UPDATE 2-Toronto stocks end lower despite record oil price

Fri May 9, 2008 4:34pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

(Adds details, comments, updated closing numbers)

By Wojtek Dabrowski

TORONTO May 9 (Reuters) - The Toronto Stock Exchange's main index finished in the red on Friday as profit-taking cooled the energy sector even though oil prices hit another record high.

The S&P/TSX composite index .GSPTSE dropped 86.80 points, or 0.59 percent, to close at 14,521.19.

"We had such a very good day yesterday and this market is still a very tricky market, so we probably ran into some profit-taking today," said John Kinsey, portfolio manager at Caldwell Securities Ltd. The index rose more than 200 points on Thursday.

Eight of the 10 main subgroups on the benchmark ended lower, including the key energy and materials sectors, which dropped 0.52 percent and 1.83 percent, respectively. Financials inched 0.06 percent lower.

Oil shares fell even though crude jumped to a record high above $126 a barrel, extending its gains on fuel supply concerns and speculator buying.

Canadian Natural Resources Ltd CNQ.TO was among the energy companies that fell, losing C$1.85, or 1.9 percent, to C$94.15 a day after it reported a surge in quarterly profit because of rocketing oil prices.

Oil and gas powerhouse EnCana Corp ECA.TO fell 96 Canadian cents, or 1.1 percent, to end at C$86.52.

"The stocks are down for a change, they're not following their commodity," Kinsey said.

Gold prices moved higher on the back of oil on Friday -- an increase not reflected in the shares of gold producers such as Barrick Gold ABX.TO, which fell C$1.49, or 3.6 percent, to finish at C$39.51. ($1=$1.02 Canadian) (Reporting by Wojtek Dabrowski; editing by Peter Galloway)