CANADA STOCKS-TSX retreats from 31-month high, earnings drag

Thu Feb 17, 2011 11:08am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

   * TSX down 28.97 points, or 0.21 percent, at 14,030.21
 * Eight of the index's 10 groups retreat
 * Agnico Eagle, Kinross hit after earnings, Barrick up
 * Sun Life Financial drops on earnings miss
 (Updates with details, comments)
 By Solarina Ho
 TORONTO, Feb 17 (Reuters) - Toronto's main stock index was
moderately lower on Thursday morning, hobbled by easing
commodity prices and some earnings disappointments after
rallying to a 31-month high the day before.
 Teck Resources TCKb.TO was the lead decliner, falling
3.58 percent to C$55.45 as copper prices fell from record highs
to a three-week low with inflation worries and demand-crimping
prices cooling sentiment. [MET/L]
 Agnico Eagle AEM.TO fell 4.26 percent to C$72.18 and
Kinross Gold K.TO dropped 2.63 percent to C$16.32 after both
companies reported lower than expected quarterly earnings late
on Wednesday. [ID:nN16257028]
 Barrick Gold ABX.TO, which posted a better-than-expected
quarterly profit, was the lead gainer, rising 1.33 percent to
C$49.64. [ID:nN17277324]
 The index's materials group, home to miners, was down 0.93
 At 10:29 a.m. (1529 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was down 28.97 points, or
0.21 percent, at 14,030.21. The retreat followed a 2 percent
gain over the first three days of the week, during which the
index hit its highest level since early July 2008 and broke
through the 14,000 level.
 "We've had a very robust month so far," said Rick Hutcheon,
president and chief operating officer at RKH Investments.
 "The economic numbers we're seeing are pointing in the
right direction for a change. That obviously has implications
for commodity prices, energy prices. Basically the tone toward
Canadian-oriented equities is firming."
 Eight of the index's 10 main groups were lower on Thursday
morning. Consumer staples and industrial stocks were the lone
 The heavyweight energy and financial sectors were down 0.12
percent and 0.01 percent respectively.
 Financials were weighed down by a 4.22 percent drop in Sun
Life Financial SLF.TO to C$32.48. Canada's No. 3 insurer
reported earnings that missed analysts' expectations after the
market close on Wednesday. [ID:nN17115214] [ID:nN16243387]
 ($1=$0.98 Canadian)
 (Reporting by Solarina Ho; editing by Peter Galloway)