CANADA STOCKS-Gold helps pull down TSX but oil limits loss

Thu Oct 15, 2009 4:58pm EDT
 
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 * TSX falls 0.25 percent to 11,504.51
 * Gold miners hit as gold price eases from record high
 * U.S. earnings disappoint
 (Adds details, updates to close)
 TORONTO, Oct 15 (Reuters) - Toronto's main stock index fell
moderately on Thursday on lower gold prices and disappointing
U.S. earnings news, but advances in the oil and gas group
limited the decline.
 Gold-mining shares were among the hardest hit. Barrick Gold
(ABX.TO: Quote) led all heavyweight decliners with a 2.03 percent drop
to C$40.15.
 After a sharp rally that took it to record highs in the
last two sessions, the gold price dropped 1 percent on Thursday
as the U.S. dollar stemmed recent losses.
 Kinross Gold (K.TO: Quote) also fell, down 1.7 percent at C$23.66,
while Agnico-Eagle (AEM.TO: Quote) shed 2.1 percent to C$72.66.
 Banks and insurers helped keep the main index pinned lower
after quarterly results from a pair of big U.S. banks
disheartened investors. Manulife Financial (MFC.TO: Quote) lost 1.2
percent to C$22.21.
 Royal Bank of Canada (RY.TO: Quote) shares were the biggest drag
on the main index early on, but they managed to finish up 0.04
percent at C$55.96.
 Quarterly results from Goldman Sachs Group (GS.N: Quote) and
Citigroup Inc (C.N: Quote) failed to live up to the expectations of
some investors after a strong showing by JPMorgan (JPM.N: Quote) on
Wednesday.
 "We had a couple today that didn't knock the lights out and
so the market, after you've had the kind of runs like we've had
of late, the market does look for excuses on a short-term basis
to sell off," said Peter Chandler, senior vice-president at
Canaccord Wealth Management.
 The S&P/TSX composite index .GSPTSE closed down 28.27
points, or 0.25 percent, at 11,504.51. Eight of its 10 main
groups fell.
 On the upside, oil and gas shares were well supported by a
3 percent rise in the oil price to above $77 a barrel. Oil
company Canadian Natural Resources (CNQ.TO: Quote) topped all notable
gainers with a 1.4 percent rise to C$78.58.
 ($1=$1.03 Canadian)
 (Reporting by Ka Yan Ng; editing by Peter Galloway)