CANADA STOCKS-TSX dragged down by resources, U.S. data

Thu Jan 13, 2011 10:59am EST
 
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*TSX down 30.45 points to 13,429.76

*Six of 10 sectors weaker

*Inmet, Lundin announce $9 bln merger

(Updates with details, commentary)

By Claire Sibonney

TORONTO, Jan 13 (Reuters) - Toronto's main stock index drifted lower Thursday as softer commodity prices and weak U.S. employment data offset news of another multibillion-dollar deal in the mining sector.

Gold and copper were both softer, dragging materials down 0.7 percent. Barrick Gold Corp (ABX.TO: Quote), down 1.4 percent at C$48.62 and Teck Resources (TCKb.TO: Quote), off 1.7 percent at C$63.17, were among the heaviest decliners.

"We had a nice follow-through yesterday off a big, big day on Tuesday. Unless there's some dramatic new story about commodity prices, that has to tucker out," said Barry Schwartz, vice president and portfolio manager at Baskin Financial Services.

Lundin Mining (LUN.TO: Quote) dropped 3 percent to C$7.66, and Inmet Mining IMN.TO jumped 5 percent to C$78.35, after the two agreed to join forces. The two companies will create a C$9 billion copper producer, forging the latest in a series of deals involving Canadian miners. [ID:nN12239651]   Continued...