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, Canadian Natural Resources CNQ.TO 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, down 1.6 percent at C$20.71, and
Toronto-Dominion Bank TD.TO, 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 .TSE60 closed 3.65 points,
or 0.53 percent, lower at 678.74.
 ($1=$1.05 Canadian)
 (Reporting by Jennifer Kwan; editing by Peter Galloway)