CANADA STOCKS-TSX pulled down as commodities pull back

Tue Jul 21, 2009 2:25pm EDT
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* TSX down 0.87 percent at 10,448.28

* Materials group drops 1.99 percent

* Energy sector down 1.17 percent (Adds details, quotes)

TORONTO, July 21 (Reuters) - Toronto's main stock index fell 1 percent on Tuesday afternoon after six straight days of gains, weighed down by the mining-heavy materials sector.

The materials group dropped 1.99 percent, undercut as gold prices fell back from the day's highs. Barrick Gold ABX.TO was down 1.32 percent at C$38.88, and Goldcorp G.TO fell 2.17 percent to C$41.12.

The energy sector retreated 1.17 percent as the price of oil fell to around $63 a barrel. Canadian Natural Resources CNQ.TO was down 3.96 percent at C$62.62, Imperial Oil IMO.TO fell 1.33 percent to C$42.96, and EnCana ECA.TO dropped 0.31 percent to C$58.

"Some of the commodity prices are sliding from their highs of this morning," said Adrian Mastracci, portfolio manager and president at KCM Wealth Management Inc in Vancouver.

"That market confidence is just not there yet. I think people are sliding back a little bit, saying we should be a little bit more cautious about the outlook here."

At 1:55 p.m. (1755 GMT) the S&P/TSX composite index .GSPTSE was down 91.43 points, or 0.87 percent, at 10,448.28 after gaining as much as 57 points early in the day. Six of its 10 main groups were lower.   Continued...