January 19, 2011 / 3:49 PM / 7 years ago

CANADA STOCKS-TSX droops on economic data, Goldman results

 *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. [ID:nSGE70I06X]
 “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] [GOL/].
 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. [ID:nN19209662]
 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)                                        

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