CANADA STOCKS-TSX retreats on oil prices, profit-taking

Tue Nov 10, 2009 4:47pm EST
 
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 * TSX ends down 0.52 percent at 11,426.74
 * Lower close ends five-day rally
 (Adds details, quote)
 By Jennifer Kwan
 TORONTO, Nov 10 (Reuters) - Toronto's main stock index fell
for the first time in six sessions on Tuesday as investors
cashed in recent profits and weaker oil prices pressured EnCana
Corp (ECA.TO: Quote), Canadian Natural Resources (CNQ.TO: Quote) and other
energy companies.
 EnCana led all decliners, falling 2 percent to C$61.50
while Canadian Natural Resources was off 1.8 percent at C$70.82
as the price of oil CLc1 fell to around $79 a barrel. [O/R]
 Key decliners also included financial names such as
Manulife Financial (MFC.TO: Quote), down 1.6 percent at C$20.71, and
Toronto-Dominion Bank (TD.TO: Quote), which fell 0.66 percent to
C$66.15.
 "New York is flat so it's not doing very much; the
financials here are a little bit weaker but they were firmer
yesterday. Gold is pausing because they had a big run. Oil is
down a little bit," said John Kinsey, portfolio manager at
Caldwell Securities Ltd.
 "You can call it what you want, if you want to call it
profit-taking. It's just a pause."
 The S&P/TSX composite index .GSPTSE ended down 60.14
points, or 0.52 percent, at 11,426.74, with eight of its 10
main groups lower.
 "We've seen fairly material profit-taking. Coming into
November now most long-only funds and hedge funds have fought
back a lot of the gains they gave up in 2009 so we've seen a
desire to book the gains, take some risk off," said Rick
Meslin, head of Canadian equities at UBS.
 U.S. stocks were also mixed as investors assessed recent
gains. [.N]
 The market was also digesting comments by U.S. Federal
Reserve officials, who struck a cautious note on the U.S.
economy on Tuesday, citing high unemployment, heavy reliance on
government support and commercial real estate woes as hurdles
to recovery. [ID:nN10304881]
 Cossette Inc KOS.TO, Canada's largest home-grown
advertising agency, rose 33 percent to C$7.78. It said it will
sell itself to private equity firm Mill Road Capital, spurning
a bid from Cosmos Capital. [ID:nN10304881]
 The blue chip S&P/TSX 60 index  closed 3.65 points,
or 0.53 percent, lower at 678.74.
 ($1=$1.05 Canadian)
 (Reporting by Jennifer Kwan; editing by Peter Galloway)