CANADA STOCKS-TSX drops after five days of gains

Thu Sep 17, 2009 4:42pm EDT
 
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* TSX closes down 0.24 percent at 11,528.23

* Profit-taking sets in after five straight days of gains

* Financials hold up, but energy, materials groups fall

By Wojtek Dabrowski

TORONTO, Sept 17 (Reuters) - Toronto's main stock index finished lower on Thursday as investors decided to take profits after five straight sessions of gains.

The pullback was broad, with eight of the index's 10 main groups pacing lower. The two advancing groups, financials and health care, rose 0.45 percent and 0.18 percent, respectively.

"It feels like a pause more than anything else," said Elvis Picardo, vice-president of research at Global Securities in Vancouver. "The point to note also is the market continues to display pretty impressive resilience."

Notable decliners included First Quantum Minerals (FM.TO: Quote), which fell 8.7 percent to close at C$64.25 after analysts downgraded the stock. First Quantum said on Wednesday it had suspended its copper project in the Democratic Republic of the Congo.

Gold miner Royal Gold RGL.TO gave up 4.6 percent to end at C$47.79. BlackBerry maker Research In Motion RIM.TO fell 1.2 percent to C$88.25.   Continued...