CANADA STOCKS-TSX slips in thin trade, resources lead fall

Thu Dec 23, 2010 10:51am EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

 * TSX slips 0.33 percent to 13,336.62
 * Broad weakness, led by resources
 * Economy resumes growth in Oct but weaker than expected
 (Adds details)
 TORONTO, Dec 23 (Reuters) - Toronto's main stock market
index fell broadly on Thursday morning, pulled down by weakness
in resource issues and a slightly lower-than-expected reading
on Canadian economic growth.
 The economy resumed growing in October after a brief
downturn in September, rising by 0.2 percent for the month. But
that was below the 0.3 percent gain forecast by analysts polled
by Reuters. [ID:nN23134993]
 "There's some disappointing economic numbers today in
Canada. It's showing that we're definitely slowing down," said
Ian Nakamoto, director of research at MacDougall, MacDougall &
MacTier.
 "Commodities have lifted but I'm not sure it's going to
lift that much more by the end of the year."
 At 10:37 a.m. (1537 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was 44.08 points, or 0.33
percent, lower at 13,336.62. All 10 of the index's main sectors
fell.
 Resources were among key drags with the price of oil little
changed above $90 a barrel and softer copper and gold prices.
The materials group was down 0.2 percent, while oil and gas
slipped 0.46 percent.
 Canadian Natural Resources (CNQ.TO: Quote) lost 0.9 percent to
C$43.98, while Teck Resources TCKb.TO was down more than 1
percent at C$57.74.
 Other key decliners included Canadian Imperial Bank of
Commerce (CM.TO: Quote), down 0.47 percent at C$78.41, and Canadian
National Railway (CNR.TO: Quote), off 1.04 percent at C$66.56.
 Volume was very light due to holiday-thinned trading with
about 76.5 million shares changing hands in early trade, while
the trading range has also shrunk. Volume has trended lower
since the beginning of this week, with about 151 million shares
traded on Wednesday.
 ($1=$1.01 Canadian)
 (Reporting by Ka Yan Ng; editing by Peter Galloway)