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: Quote) 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: Quote), off 0.4 percent at C$56.63, and Encana Corp (ECA.TO: Quote), 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: Quote) 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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