CANADA STOCKS-TSX droops on economic data, Goldman results

Wed Jan 19, 2011 10:45am EST
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 *TSX down 23.31 points at 13,535.89
 *Seven of 10 sectors weaker
 (Updates with details, comments)
 By Claire Sibonney
 TORONTO, Jan 19 (Reuters) - Toronto's main stock index was
lower on Wednesday morning as gains in commodity prices were
offset by unexpectedly weak Canadian and U.S. economic data and
by Goldman Sachs GS.N results.
 Profit-taking was also seen after the index shot to its
highest point since early September 2008 on Tuesday.
 Among key decliners were Bank of Nova Scotia BNS.TO, off
0.4 percent at C$56.63, and Encana Corp ECA.TO, down 1.1
percent at C$31.52.
 BlackBerry maker Research In Motion RIM.TO was also hit,
sliding 0.7 percent to C$64.37 following strong results from
rival Apple Inc AAPL.O after the bell on Tuesday.
 "You're going to get a little bit of consolidation as the
market makes new highs, you're going to have some selloffs and
setbacks," said Bruce Latimer, a trader at Dundee Securities.
 U.S. housing starts and Canadian manufacturing sales data
for November fell well below expectations, while Goldman Sachs
Group reported a drop in fourth-quarter profit, denting market
optimism about a strong earnings season. [ID:nN18199881]
 Latimer said the slide in Goldman, whose shares where down
about 3 percent, should be taken into perspective.
 "The whole banking sector has had a pretty decent move the
last little while and obviously they disappointed a little bit
but they're certainly making a lot of money."
 At 10:20 a.m. (1520 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was down 23.31 points, or 0.2
percent, at 13,535.89. Seven of its 10 sectors were lower,
including energy, as U.S. crude oil prices fell below $92 a
barrel. [O/R]
 Gold, however, was up and copper hit record highs. [MET/L]
 Teck Resources TCKb.TO sank 1.2 percent to C$63.05 after
warning its first-quarter coal sales would be hurt by adverse
weather conditions and rail traffic disruption.
 Nexen Inc NXY.TO fell 0.7 percent to C$24.06 after the
independent oil and gas producer said on Tuesday it will sell
its 65 percent stake in the Canexus Income Fund CUS_u.TO.
Canexus dropped 5 percent to C$6.46. [ID:nN18169709]
 Air Canada ACa.TO retreated 1.2 percent to C$3.24 after
an analyst's share-price target cut. [ID:nWNAB5490]
 ($1=$0.99 Canadian)
 (Reporting by Claire Sibonney; editing by Peter Galloway)