CANADA STOCKS-TSX ends lower as golds, banks retreat

Mon Aug 24, 2009 4:32pm EDT
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 * TSX down 41.21 points, or 0.38 percent, at 10,789.97
 * Bank and gold shares biggest drag on index
 (Adds official closing figures, details, quotes)
 TORONTO, Aug 24 (Reuters) - Toronto's main stock index
closed lower on Monday after four straight gaining sessions, as
gold miners retreated on lower bullion prices and financials
sagged ahead of quarterly results from the country's banks.
 Among the most influential movers on the downside were Bank
of Montreal (BMO.TO: Quote) off 3.6 percent at C$49.01, and Royal Bank
of Canada (RY.TO: Quote), which fell 1.1 percent to C$50.70. The
broader financial sector fell 0.7 percent.
 There are "jitters" ahead of bank earnings this week, which
kick off when Bank of Montreal reports results on Tuesday, said
Francis Campeau, a broker at MF Global Canada in Montreal.
 "They had a good run. People want to protect recent gains
and they might come back into the market after the numbers,"
Campeau said.
 The financial sector is  up about 80 percent from
early March.
 Virtually nobody sees Canadian banks rattling investors
with big losses when they start reporting their third-quarter
earnings. Profits are likely to come in between 10 percent and
16 percent lower, a result that investors are expected to take
in stride, given the economic climate. [ID:nN2165076]
 However, analysts say below the surface the banks could
show some signs of wear and tear.
 The S&P/TSX composite index .GSPTSE finished the day down
41.21 points, or 0.38 percent, at 10,789.97, with seven of its
10 main groups lower. Earlier, it had risen 72 points, in part,
on firm oil prices. The big energy sector climbed 0.4 percent.
 Another source of weakness for the index came from the
materials sector, home to miners and fertilizer companies, as
the price of gold slid below $945 an ounce on pressure from a
firmer U.S. dollar. [ID:nN24160851]
 Shares of Kinross Gold (K.TO: Quote) fell 1.5 percent to C$20.67,
while Goldcorp (G.TO: Quote) sank 1.3 percent to C$38.35.
 ($1=$1.08 Canadian)
 (Reporting by Jennifer Kwan; editing by Rob Wilson)