CANADA STOCKS-TSX falls to 5-week low on global worries

Tue Nov 16, 2010 4:24pm EST
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   * TSX ends down 133.18 points at 12,602.23
 * Nine of 10 main sectors lower
 * Materials, energy groups lead retreat
 (Adds details, quote)
 By Jennifer Kwan
 TORONTO, Nov 16 (Reuters) - Toronto's main stock index fell
to its lowest level in five weeks on Tuesday as global economic
woes boosted the U.S. dollar, weighing on commodity prices and
the index's hefty resource sectors.
 A strong U.S. dollar, lifted in part by concerns about
sovereign debt problems in Ireland and other European
economies, helped drag oil prices down more than 3 percent to
below $83 a barrel as investors cut their exposure to
commodities. [O/R]
 Canadian Natural Resources (CNQ.TO: Quote) fell 2.2 percent to
C$38.70, while Suncor Energy (SU.TO: Quote) also gave back 2.2 percent
at C$33.67. TransCanada Corp (TRP.TO: Quote) sank 2.6 percent to
 The three big energy companies were the most influential
movers on the downside. The broader energy group was down 1.8
 "The market has become somewhat jittery that what happened
to Greece might happen to Ireland, too. The market is basically
telling us we don't like these uncertainties," said Sid
Mokhtari, market technician and director, institutional equity
research, CIBC World Markets.
 Apart from euro zone debt concerns, investor sentiment was
also bruised by worries over fiscal tightening by China.
 And in U.S. economic data, core producer prices recorded
their largest fall in more than four years in October and
industrial output was flat. The readings underscored concerns
at the Federal Reserve about low inflation amid moderate
economic growth. [ID:nN16103144]
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE finished the day down 133.18 points, or 1.05 percent,
at 12,602.23. Nine of the index's 10 main groups were lower,
with telecoms the lone sector in the black. It was up 0.5
 The index slid to a low of 12,501.82, its lowest level
since mid-October and near its 50-day moving average, a key
technical level that, if breached, could signal further losses,
said Mokhtari.
 The materials group, home to mining and fertilizer
companies, was down 1.6 percent. Cameco Corp (CCO.TO: Quote), slumped
4.5 percent to C$34.30, while Teck Resources TCKb.TO was off
2.4 percent at C$48.16. NovaGold Resources Inc (NG.TO: Quote) tumbled
3.6 percent to C$13.76.
 Copper prices skidded 5 percent on euro zone jitters and
China tightening fears, while gold tumbled on a rallying
greenback. [MET/L]  [GOL/]
 ($1=$1.02 Canadian)
 (Reporting by Jennifer Kwan)