CANADA STOCKS-Financials, energy issues drag TSX lower

Mon Nov 22, 2010 5:11pm EST
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   * TSX down 27.32 points, or 0.21 pct, at 12,929.01
 * Seven of the 10 main groups higher
 By Solarina Ho
 TORONTO, Nov 22 (Reuters) - Toronto's main stock index
finished lower on Monday as weakness in heavily weighted energy
and financial issues offset gains in most other sectors.
 The financial group was down 0.8 percent, with Royal Bank
of Canada (RY.TO: Quote) down 0.89 percent at C$54.83 and Bank of Nova
Scotia (BNS.TO: Quote) down 0.82 at C$54.20.
 Manulife Financial Corp (MFC.TO: Quote) shares were off 3.06
percent at C$14.88 after Citigroup downgraded Canada's largest
insurer to "sell", citing a weak outlook for its U.S. operation
and the risk of dilution from further equity issuance.
[ID:nSGE6AL0OV] Sun Life Financial (SLF.TO: Quote) also fell, slipping
1.17 percent to C$28.62.
 Energy issues slid 0.8 percent, in step with falling oil
prices. Crude futures fell against a stronger U.S. dollar and
on worries about European sovereign debt levels.
 Canadian Natural Resources (CNQ.TO: Quote) fell 1.28 percent to
C$38.97 while Suncor Energy (SU.TO: Quote) dropped 1 percent to
C$34.89. Encana Corp (ECA.TO: Quote) was off 1.06 percent at C$28.95.
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE finished down 27.32 points, or 0.21 percent, at
12,929.01. Seven of the TSX's 10 main groups were higher.
 Industrials were also down, falling 0.5 percent.
 The TSX spent most of the day in the red, and a late
session rally was not enough to bring it into positive
territory again.
 "I think we're going to see a lot of that this week    ...
Markets are going to drift aimlessly," said Bruce Latimer, a
trader at Dundee Securities.
 "It's off its bottom; there's just not a lot of commitment
out here today on the market. (Investors) also want to see how
the Irish situation sorts itself out."
 Europe's ongoing debt worries dampened market sentiment and
a shortened trading week due to Thursday's U.S. Thanksgiving
holiday kept many investors on the sidelines.
 In Europe, Ireland's unpopular coalition government began
to unravel on Monday, a day after agreeing to a
multibillion-euro bailout package, raising doubts it will be
able to push through an austerity budget crucial to receiving
financial aid. [ID:nLDE6AL00M]
 ($1=$1.02 Canadian)
 (Reporting by Solarina Ho; editing by Rob Wilson)