CANADA STOCKS-TSX pulled lower by weak commodities

Mon Sep 21, 2009 10:42am EDT
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* TSX down 94.66 points, or 0.83 percent, at 11,351.29

* Materials, down 1.5 percent, lead TSX lower (Adds details, quote)

TORONTO, Sept 21 (Reuters) - Toronto's main stock market index dropped on Monday morning, pulled down by lower oil and metals prices and reluctance to buy following a recent rally.

Big names on the downside included fertilizer producer Potash Corp of Saskatchewan Inc POT.TO, down 2.4 percent at C$99.40, gold miner Barrick Gold ABX.TO, down 1.5 percent at C$39.06, and oil company Suncor Energy SU.TO, which fell 1 percent to C$38.19.

The price of oil CLc1 fell below $70 a barrel on demand concerns, while gold and metals prices weakened on a firm U.S. dollar. [O/R] [GOL/] [MET/L]

"The market has had a real nice run the last few weeks. You've got a little pullback here. It's pretty well across the board," said Bruce Latimer, trader at Dundee Securities.

At 10:22 a.m. (1422 GMT), the S&P/TSX composite index .GSPTSE was down 94.66 points, or 0.83 percent, at 11,351.29, with seven of its 10 main groups lower. The mining and fertilizer-heavy materials sector fell 1.5 percent, while oil and gas shares were off 1.2 percent.

The index is up about 4 percent this month, typically a time when investors expect weakness, Latimer said.

"All in all it's been a pretty good September. We're not out of the woods yet but it hasn't been a traditional September," he said.   Continued...