CANADA STOCKS-TSX retreats from 12,000 as banks, oils fall

Mon Jan 11, 2010 4:39pm EST
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 * S&P/TSX composite ends down 6.70 points at 11,947.13
 * Index rises as high as 12,070, then retreats
 * Falling energy, bank shares balanced by rising materials
 (Updates prices, adds quotes, details)
 TORONTO, Jan 11 (Reuters) - Toronto's main stock market
index finished little changed on Monday after climbing above
12,000 for the first time since September 2008, with weakness
in heavyweight financial and energy issues offsetting strength
in the index's materials group.
 Oil and gas stocks surged at the open but then retreated
rapidly with Talisman Energy TLM.TO leading the way with a
3.55 percent drop to C$19.85 on volume of more than 5 million
shares, about twice the usual level over the past three
 Talisman, an independent oil explorer, said it would raise
its capital spending this year but expects little production
growth.  [ID:nSGE60A0F4]
 EnCana Corp (ECA.TO: Quote), down 1.3 percent at C$35.52, and
Suncor Energy Inc (SU.TO: Quote), down 0.28 percent at C$38.58, were
also among the top decliners as the price of oil fell from a
15-month high near $84 a barrel. [O/R]
 Financials were also a major drag on the index with four of
the five big banks in the red, as well as the three big
insurers. Bank of Nova Scotia (BNS.TO: Quote) dropped 0.97 percent to
C$47, while Manulife Financial (MFC.TO: Quote) lost 0.53 percent to
C$20.68. Bucking the trend, Toronto-Dominion Bank (TD.TO: Quote) led
all influential risers, up 0.71 percent to C$64.18.
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE closed down 6.70 points at 11,947.13. The index rose
as high as 12,070.74 at the start of trade.
 "It's been a very disappointing market," said Francis
Campeau, broker at MF Global Canada in Montreal. "We had a nice
strong start, above key resistance levels, and basically we've
been drifting down all day."
 On the plus side, a five-week high in the price of bullion
lifted gold-mining issues. Among the top gainers, shares of
Barrick Gold Corp (ABX.TO: Quote) (ABX.TO: Quote), the world's biggest gold
producer, gained 0.61 percent to C$43.00.
 ($1=$1.03 Canadian)
 (Reporting by Ka Yan Ng and Claire Sibonney; editing by Peter