May 10, 2011 / 9:54 PM / 6 years ago

CANADA STOCKS-TSX slips lower as golds, energy weigh

5 Min Read

   * TMX down 35.07 points, or 0.26 pct, at 13,642.06
 * Five of the 10 main groups higher  (Adds details)
 By Solarina Ho
 TORONTO, May 10 (Reuters) - Toronto's main stock index closed lower on Tuesday, as pressure from lackluster gold miners and energy issues offset unexpectedly strong Chinese trade data that reinforced optimism about the global economy.
 The materials sector, home to major mining companies, led the retreat with a 1.13 percent decline.
 Goldcorp (G.TO) took a 1.61 percent hit and finished at C$47.57, while Barrick Gold (ABX.TO) fell 0.81 percent to C$45.59 as gold miners failed to track bullion prices, which firmed after last week's selloff. [ID:nLDE7490LH] [GOL/]
 "Gold stocks aren't participating ... it's been typical of their performance for a long time now," said John Kinsey, a portfolio manager at Caldwell Securities. "They just have not come up with the commodity and they still seem to do that."
 The energy group was down 0.34 percent after spending much of the session waffling between positive and negative territory. Canadian Natural Resources (CNQ.TO) ended the day down 1.87 percent at C$41.35 while Talisman EnergyTLM.TO slid 1.21 percent to C$21.26.
 Oil and gas companies could not keep up with volatile crude prices, which finished higher on worries over flooding in the U.S. Gulf Coast refining hub and on data showing strong Chinese crude imports. [O/R] [ID:nN10181880]
 "It is surprising to see so little follow-through. When you look at the energy stocks, you would think that certainly ... that there would be more strength in those numbers," said Gavin Graham, president of Graham Investment Strategy.
 The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE finished down 35.07 points, or 0.26 percent, at 13,642.06. Five of the index's 10 main groups were lower.
 "Last week, the first four days were pretty brutal. Friday saved part of the week and then yesterday was kind of a follow-through which was good," said Kinsey.
 "But, today, it seems to be kind of: Well, let's wait and see where we go."
 Global market sentiment got a lift from strong Chinese trade data, which eased concerns of a slowdown in the world's second-largest economy and pointed to strong global demand. [MKTS/GLOB]
 China posted an $11.4 billion trade surplus in April, nearly four times more than expected, after exports hit a record on healthy demand and imports rose less than forecast. [ID:nL3E7GA09F] [ID:nLDE7480YG]
 However, the United States released data small business and import price increases that pointed to worrying signs of inflation. [ID:nN1044569]
 The economically sensitive and influential financial group edged up 0.22 percent, with Canadian Imperial Bank of Commerce (CM.TO) leading the way with a 1.09 percent rise to C$82.45.
 In individual corporate news, Canadian Tire (CTCa.TO) was among the lead gainers, advancing 2.56 percent to C$61.73 following Monday's surprise announcement that it was buying sporting good retailer Forzani Group FGL.TO. [ID:nL3E7G91PE]
 TMX Group (X.TO) rose 1.81 percent to C$41.11. The TSX operator reiterated its confidence on Tuesday that its takeover deal with London Stock Exchange (LSE.L) would be approved and said it expected to file with provincial regulators within a few weeks. [ID:nN10112610]
 Magna International (MG.TO), which named former Ontario Premier Mike Harris as its new chairman late last week, replacing founder Frank Stronach, was down 1.15 percent at C$49.98. [ID:nN1093695]
 Food processor and grocer George Weston Ltd WN.TO, slid 1.8 percent to C$69.65, despite posting a higher profit. [ID:nN10293436]
 ($1=$0.96 Canadian)  (Reporting by Solarina Ho; editing by Rob Wilson)                                        

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below