November 10, 2009 / 9:25 PM / 8 years ago

CANADA STOCKS-TSX pulls back on weak oil prices, profit-taking

 * TSX ends down 0.52 percent at 11,426.74
 * Retreat ends five-day rally  (Updates to close, adds quote)
 By Jennifer Kwan
 TORONTO, Nov 10 (Reuters) - Toronto’s main stock index fell on Tuesday for the first time in six sessions as investors cashed in recent profits and weak oil prices pressured energy companies like EnCana Corp (ECA.TO) and Canadian Natural Resources (CNQ.TO).
 EnCana led all decliners, falling 2 percent to C$61.50 while Canadian Natural Resources was off 1.8 percent at C$70.82. These stocks made up the biggest drags on the index 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.
 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.
 “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.”
 ($1=$1.05 Canadian)  (Reporting by Jennifer Kwan; editing by Rob Wilson)                                      

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