CANADA STOCKS-TSX weakens on drag from commodity prices

Mon Oct 31, 2011 11:23am EDT
 
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* TSX down 84.18 points, or 0.67 pct, at 12,435.33

* Miners, energy firms sink with commodity prices

By Jon Cook

TORONTO, Oct 31 (Reuters) - Canadian stocks weakened on Monday, at one point falling more than 1 percent, as natural resource companies followed commodity prices lower after Japan's intervention in currency markets.

Commodity prices were hit by a stronger U.S. dollar, which jumped after the Japan intervened to weaken the yen. while returning doubts over the EU's plan to solve the debt crisis added to the cautious tone. [MKTS/GLOB]

Seven of the Canadian market's 10 main sectors were lower, led by a 1.4 percent drop in materials, which includes base metal and gold miners.

"They all seem to move in a pack and today the pack is going south," said David Baskin, portfolio manager and president of Baskin Financial Services.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE, which briefly fell more than 1 percent, was down 84.18 points, or 0.67 percent, at 12,435.33 by late morning.

The Potash Corp POT.TO was the biggest laggard, falling 2.8 percent to C$48.35. First Quantum Minerals FM.TO, down 5 percent to C$21.14, was another big drag.   Continued...