CANADA STOCKS-TSX hurt by gold price, all sectors lower

Mon Aug 10, 2009 10:34am EDT
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 * TSX down 0.74 percent at 10,807.59
 * Materials group weighs as gold price hits one-week low
 * All 10 sectors lower
 (Adds details)
 TORONTO, Aug 10 (Reuters) - Toronto's main stock index fell
as much as 1 percent on Monday morning in a broad decline as
investors pocketed profits after the index notched its fourth
straight week of gains last week.
 The decline was led by a 1.4 percent drop in the index's
mining-heavy materials group, which was under pressure from the
declining price of gold, which hit a one-week low of $942 an
ounce. [ID:nLA148461]
 Top gold producers Goldcorp (G.TO: Quote), which fell 2.5 percent
to C$39.33, and Barrick Gold (ABX.TO: Quote), down 1.5 percent at
C$37.05, were among the biggest heavyweight decliners.
 The energy group slipped 0.18 percent even though oil
prices held near $71 a barrel. Pipeline and power firm
TransCanada (TRP.TO: Quote) was up 0.45 percent at C$31.28, but most
other big-name energy players were on the decline.
 EnCana (ECA.TO: Quote), for instance, was off 1.02 percent at
C$56.04, while Suncor Energy (SU.TO: Quote) fell 0.36 percent to
 The TSX had trimmed its decline a bit at midmorning but all
10 sectors held lower. At 10:15 a.m. (1415 GMT), the S&P/TSX
composite index .GSPTSE was down 77.74 points, or 0.74
percent, at 10,807.59.
 Heading into the session, the TSX was up more than 40
percent from its March lows and analysts said a breather for
the market was due.
 "Golds are lower, oil weaker. After the runup last week
it's not unexpected," said John Ing, president of Maison
Placements Canada, noting that the index was technically
overbought last week.
 Cameco Corp (CCO.TO: Quote) slipped 0.6 percent to C$30.10 after a
media report said the Canadian uranium miner is planning to
sell its interest in Centerra Gold Inc (CG.TO: Quote) with a public
stock sale that could raise more than C$600 million.
[ID:nBNG456120]  Centerra dropped 8.5 percent to C$6.55.
 ($1=$1.08 Canadian)
 (Reporting by Ka Yan Ng; editing by Peter Galloway)