CANADA STOCKS-TSX falls as Potash Corp shares hit hard

Fri Jul 10, 2009 5:22pm EDT
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* TSX down 0.27 pct at 9,747.13, marks 2nd weekly decline

* Materials sector declines 2.12 percent

* Potash, Agrium shares fall on India contract news (Adds details, comments)

By Ka Yan Ng

TORONTO, July 10 (Reuters) - Toronto's main stock index finished lower on Friday, but off session lows, as falling prices for oil and metals kept pressure on the resource-heavy index and shares of Potash Corp (POT.TO: Quote) were hit hard by pricing reports.

Potash Corp stock was the biggest drag on the index, down 8.9 percent at C$99.12, after fertilizer trade publications reported that India had settled some of its 2009 potash contract order with Russian producer Silvinit SILV.RTS at a price sharply below market expectations. [ID:nN10522755]

Agrium (AGU.TO: Quote), another fertilizer producer, lost 4.7 percent to C$42.10.

The index's mining-heavy materials sector dropped 2.12 percent, hurt by Potash, and as prices for gold and other metals were pressured by lingering concerns about the speed of the economic recovery.

The energy sector also weakened, declining 0.08 percent, as the price of oil fell below $60 a barrel.   Continued...