CANADA STOCKS-TSX down on weaker commodities, euro zone doubts

Fri Nov 18, 2011 12:42pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

   * TSX down 13.53 points, or 0.1 pct, at 11,901.90
 * Materials, financials lower, energy flat
 (Adds details, analyst comments)
 By Jon Cook
 TORONTO, Nov 18 (Reuters) - Toronto's main stock index was
down slightly at midday on Friday as resource and financial
issues fell on concerns that European policymakers were not
acting urgently enough to resolve the debt crisis.
 Commodity stocks looked to rebound after their biggest
selloff in nearly two months on Thursday, but were restrained
by the European Central Bank's reluctance to commit to a
broader euro zone bailout. [MKTS/GLOB]
 "They (the ECB) don't seem to want to do that," said John
Kinsey, portfolio manager at Caldwell Securities Ltd. "It's
been going on now for six months and the lack of results is
contributing to the discouragement."
 At midday, the Toronto Stock Exchange's S&P/TSX composite
index .GSPTSE was down 13.53 points, or 0.1 percent, at
11,901.90 after straddling the break-even mark for much of the
session. The index opened up slightly before hitting a session
low of 11,876.49, its lowest point since Oct. 21.
 Oil and gold prices ebbed and flowed with European
headlines. After topping $100 a barrel earlier in the week,
U.S. crude futures retreated below $98. [O/R]
 Energy stocks were virtually flat after falling 4 percent
on Thursday.
 Bucking the downward trend were TransCanada Corp TRP.TO,
up 1.5 percent at C$41.21, and Enbridge Inc ENB.TO, up 1.7
percent at C$36.53, as both were involved in projects to help
relieve bloated U.S. storage levels at the glutted Cushing
storage hub. [ID:nN1E7AF0TA]
 Bullion edged up, but was still on track for its worst week
in nearly two months. [GOL/]
 Gold mining stocks fell 1 percent, dragging down the
heavily weighted materials sector, which slid 0.5 percent.
 Teck Resources TCKb.TO led the materials group down,
falling 1.2 percent to C$35.42.
 Yields on Italian and Spanish 10-year bonds fell, but they
remained close to unsustainable levels as contagion fears
continued to weigh on North American markets.
 Financials were among the biggest drags on the TSX, falling
0.2 percent, despite having little exposure to European debt
 Insurer Manulife Financial MFC.TO led the sector's
declines, falling 1.7 percent to C$11.30.
 (Editing by Rob Wilson)