CANADA STOCKS-TSX's 6-day streak of rises ends as oils slide

Wed Jul 6, 2011 4:37pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

 * TSX slides 0.17 pct to finish at 13,403.10
 * Five of 10 sectors fall, led by 1.1 pct drop in energy
 (Updates to close)
 TORONTO, July 6 (Reuters) - Toronto's main stock index
ended a six-day streak of gains on Wednesday as an interest
rate hike in China and Europe's debt woes pushed oil and gas
shares sharply lower.
 The Chinese rate hike, the third this year, pushed down oil
and other commodity prices on fears of reduced demand and that
weighed heavily on Toronto's energy sector. [O/R]
 Influential index decliners were led by Cenovus Energy
CVE.TO, down 2.6 percent at C$35.55, while Canadian Natural
Resources CNQ.TO dropped more than 0.9 percent to C$41.13.
 The decline in oil and gas shares was offset by a flight to
safe-haven gold and to gold and silver mining shares, spurred
by ongoing concern about the euro zone debt crisis after
Portugal's credit was downgraded. [GOL/]
 "If you're in golds, you're pretty happy with the way
things are going. It's a spillover from the Portugal
downgrade," said Sal Masionis, stockbroker at Brant
Securities.
 Top advancers were mostly precious metal miners, led by
Silver Wheaton SLW.TO, up 5.5 percent at C$35.02, while
Barrick Gold ABX.TO followed with a 0.84 percent rise to
C$44.64.
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE fell 22.20 points, or 0.17 percent, to finish at
13,403.10. Half of the index's 10 main groups slid, led down by
a 1.1 percent drop in the energy sector.
 ($1=$0.97 Canadian)
 (Reporting by Ka Yan Ng; editing by Peter Galloway)