April 14, 2011 / 8:39 PM / 7 years ago

CANADA STOCKS-TSX slips lower as oils, base metals drag

   * TSX ends down 11.84 points, or 0.1 pct, at 13,821.80
 * Seven of 10 main sectors lower, led by energy
 * Golds offset broad-based weakness  (Updates to close, adds details, comments)
 By Claire Sibonney
 TORONTO, April 14 (Reuters) - Toronto’s main stock index ended slightly lower on Thursday as weaker energy and base-metal shares offset a rally by precious metal miners spurred by safe-haven buying of gold.
 Seven of the TSX index’s 10 main groups were lower, with the energy sector leading the decline, despite oil prices reversing early losses. [O/R]
 The group slid 0.7 percent as Canadian Natural Resources (CNQ.TO) slid 2.3 percent to C$42.55, Talisman Energy TLM.TO fell 0.8 percent to C$22.18. Some oil companies however bucked the trend, with Canadian Oil Sands Trust COS.TO up 1.3 percent at C$31.53.
 “Maybe people feel that something is going to work out in Libya ... but I think this Middle East thing is going to be with us for a long time, unfortunately,” said John Kinsey, portfolio manager at Caldwell Securities.
 “I think oil prices are going to be high for some period of time,” he added, noting U.S. crude still holding close to $109 a barrel.
 The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE ended down 11.84 points, or 0.09 percent, at 13,821.80. Heavyweight financials were off 0.1 percent.
 The index’s materials group gained 0.6 percent on the back of gold-mining shares as bullion prices came within spitting distance of record highs.
 Barrick Gold (ABX.TO) jumped 2.2 percent to C$51.26 and Goldcorp (G.TO) climbed 2.4 percent to C$51.86.
 Gold rose more than 1 percent and silver surged as a combination of U.S. dollar weakness, worries over Chinese inflation and renewed Greek sovereign debt fears lifted bullion to $5 below its record high of $1,476.21. [GOL/] [ID:nN14164161]
 “The obvious feature is the golds,” said Kinsey.
 “It’s nice to see the gold stocks are all up because they’ve been real laggards.”
 Base-metal miners on the hand slipped 1.3 percent as copper ended lower for the fourth consecutive day. [MET/L]
 Teck Resources TCKb.TO dropped 1.5 percent to C$50.14.
 ($1=$0.96 Canadian)                                        

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