CANADA STOCKS-TSX snaps 8-day rally as resources, banks sag

Mon Feb 22, 2010 5:12pm EST
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* TSX falls 0.64 percent to 11,634.75

* Gold price slips from month high, Barrick leads way down

* Banks in focus after recent rally; results start Thurs (Adds details, background)

By Ka Yan Ng

TORONTO, Feb 22 (Reuters) - Toronto's main stock index closed lower on Monday, snapping an eight-day stretch of gains, dragged down by weakness in resources and financials.

Gold stocks were among the falling issues on Monday as the price of bullion retreated from one-month highs. Barrick Gold (ABX.TO: Quote) was off 2.27 percent at C$40.07 to lead all influential decliners. Goldcorp (G.TO: Quote) skidded 1.54 percent to C$39.70.

Energy shares were also lower, despite oil prices that edged above $80 a barrel as a French refiner strike and tensions over Iran's nuclear program outweighed gains in the U.S. dollar. [O/R]

Suncor Energy Inc (SU.TO: Quote) was also under pressure as the country's biggest energy company said it expects a fire-damaged oil sands upgrader to be out of service until early April, forcing it to cut its production targets for the year. Suncor fell 1.2 percent to C$31.55. [ID:nSGE61L0GG]

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed down 74.54 points, or 0.64 percent, at 11,634.75. Six of the index's 10 main groups were lower. The eight-session rally had boosted Toronto's main index almost 5 percent.   Continued...