CANADA STOCKS-TSX down on weaker oil prices, profit-taking

Fri Nov 20, 2009 4:36pm EST
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 * TSX down 20.97 points at 11,579.33
 * Index up 1.5 percent for the week
 * Energy sector leads retreat
 (Updates to close; adds details, quotes)
 By Jennifer Kwan
 TORONTO, Nov 20 (Reuters) - Toronto's main stock index fell
on Friday as weaker oil prices, caused partly by a stronger
U.S. dollar, weighed on resource issues including Suncor Energy
Inc (SU.TO: Quote).
 Suncor dropped 0.5 percent to C$38.07, while Canadian
Natural Resources (CNQ.TO: Quote) fell 0.7 percent to C$70.60. Barrick
Gold (ABX.TO: Quote), another top mover on the downside, fell 0.7
percent to C$47.00.
 Oil prices fell below $77 a barrel with the U.S. dollar
rising for a second straight session as investor risk tolerance
shrank. [O/R] [USD/]
 "Oil is down a bit and that obviously has a big impact on
our market," said Jennifer Radman, vice-president and associate
portfolio manager at Caldwell Investment Ltd.
 The S&P/TSX composite index .GSPTSE ended down 20.97
points, or 0.18 percent, at 11,579.33, with six of its 10 main
groups lower. The index was up 1.5 percent for the week and
touched a 13-month high on Wednesday.
 Paul Taylor, chief investment officer at BMO Harris
Investment Management Inc, said investors locked in some
profits after the market's recent gains.
 The TSX followed global markets lower on Friday as
investors cut their exposure to riskier assets. [MKTS/GLOB]
 The market slump also came after Bank of Canada Governor
Mark Carney said on Thursday evening that Canada's economy
performed worse than expected in the third quarter, but was now
recovering. He also cautioned that it risks further setbacks
due to a strong Canadian dollar. [nN19514256]
 Earlier on Thursday, Finance Minister Jim Flaherty
suggested he thought the economy could have stood still in the
third quarter.
 However, analysts said the comments didn't have any major
bearing on the broader market.
 "I think they are being more overly cautious in their
estimates," said Steve Ibel, institutional equities trader at
Beacon Securities in Halifax, Nova Scotia.
 ($1=$1.07 Canadian)
 (Additional reporting by Irene Kuan; editing by Rob Wilson)