CANADA STOCKS-TSX drops on Bernanke remarks, Greek worry

Wed Feb 10, 2010 10:55am EST
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* TSX falls 0.5 percent to 11,217.54

* Soft oil and gold prices drag heavyweight resources down

* Bernanke lays out path for policy changes (Adds details)

By Ka Yan Ng

TORONTO, Feb 10 (Reuters) - Toronto's main stock market index was moderately lower on Wednesday as key oil and gold prices were softer and uncertainty about the euro zone debt crisis and U.S. monetary policy unleashed anxiety about the world economy.

Market players were weighing comments from U.S. Federal Reserve Chairman Ben Bernanke about pulling back on the central bank's super-loose monetary policy when the time comes, while also guessing at the outcome of Thursday's European Union summit and a possible rescue plan for debt-strapped Greece. [ID:nWEQ003786] [ID:nLDE6190UP] [ID:nEUROPEAND] [MKTS/GLOB]

Oil and gold prices, which often dictate the direction of Toronto's resource-laden market, were weaker and pushed down the index's heavyweight energy and materials groups by more than 1 percent each.

Nearly all the top 20 stocks dragging the index lower were from those two groups, including Barrick Gold (ABX.TO: Quote), down 2.1 percent at C$37.55, and EnCana (ECA.TO: Quote) down 1.6 percent at C$32.33.

Talisman Energy TLM.TO fell 3.7 percent to C$17.34 as it reported a worse than expected quarterly loss. [ID:nN09104156]   Continued...