CANADA STOCKS-TSX slips on European debt woes, Cisco outlook

Thu Nov 11, 2010 4:25pm EST
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   * TSX down 7.90 points, or 0.06 percent, at 12,934.74
 * Eight of 10 main groups end lower
 * Canadian Tire soars 6.8 pct after results
 (Updates to close, adds quotes)
 By Jennifer Kwan
 TORONTO, Nov 11 (Reuters) - Toronto's main stock index
slipped lower on Thursday as investor jitters about European
debt woes and a glum outlook from tech heavyweight Cisco
Systems sparked fresh worries about sluggish economic growth.
 The concerns about Europe hit influential names in the
financial sector including Bank of Nova Scotia BNS.TO, down 1
percent at C$53.85, and Royal Bank of Canada RY.TO also down
1 percent at C$53.70. Bank of Montreal BMO.TO fell 1.2
percent to C$58.52.
 "You've had the nagging problems of Ireland and debt
problems," said Irwin Michael, portfolio manager at ABC Funds.
 "People are not sure what to speculate on that, and there
were concerns that might spread to Portugal and Spain, so in
consequence the banks are under a little bit of pressure."
 Uncertainty about the Group of 20 summit in Seoul was
another factor keeping investors somewhat cautious, added
Michael. [MKTS/GLOB] [FRX/]
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE finished the day down 7.90 points, or 0.06 percent,
at 12,934.74, with eight of its 10 main sectors in the red.
 Energy and materials managed to notch gains, up 0.04
percent and 0.9 percent, respectively.
 Broader market sentiment was also dampened after Cisco
Systems Inc CSCO.O gave a dismal revenue outlook, stunning
investors who had hoped for proof of a recovery in technology
spending. The news helped to send U.S. stocks lower.
[ID:nN10245398] [.N]
 "They're pretty much a worldwide gauge of what's going on
in terms of the corporate sector. Their outlook is dampening
(investor sentiment), no doubt about that. People are realizing
slow means slow -- slow growth for the economic cycle," said
Ian Nakamoto, director of research at MacDougall, MacDougall &
 Mining issues helped offset the slide. Teck Resources
TCKb.TO was up 4.1 percent at C$50.35 as copper touched
record highs, stoked by strong economic data from top consumer
China and persistent supply fears as inventories fell. [MET/L]
 Cameco Corp CCO.TO was up 3.2 percent at C$37.56, while
First Quantum FM.TO rose 3.1 percent to C$93.80.
 Canadian Tire Corp CTCa.TO, the top net gainer on the
market, soared 6.8 percent to C$62.93 after the retailer
reported a 21 percent jump in net earnings and hiked its
dividend. [ID:nN11279801]
 ($1=$1.00 Canadian)
 (Editing by Rob Wilson)