November 24, 2009 / 4:08 PM / 8 years ago

CANADA STOCKS-TSX falls on commodities, but banks rise

 * TSX falls 0.22 pct to 11,599.28 on commodity weakness
 * BMO’s higher profit, Diners Club deal boost bank shares
 * U.S. Q3 GDP revision slightly lower than expected  (Adds details)
 By Ka Yan Ng
 TORONTO, Nov 24 (Reuters) - Toronto’s main stock index was lower on Tuesday morning due to weakness in commodity shares and evidence of a slow recovery in the U.S. economy.
 Strength in banking stocks stemming from firm Bank of Montreal (BMO.TO) quarterly results cushioned the fall. The top five spots the market’s list of risers were held by big banks.
 Bank of Montreal reported a higher-than-expected 16 percent increase in quarterly profit and said it was buying the Diners Club North America credit card business, a deal that would double its corporate card portfolio. [ID:nN23263602]
 BMO shares gained 0.5 percent to C$53.80. Toronto-Dominion Bank (TD.TO) was up 0.27 percent at C$67.53.
 Resource shares were big decliners on Tuesday, led by a 1.7 percent drop in fertilizer company Potash Corp (POT.TO) to C$118.25. Lower oil prices and a recent runup in commodity stocks also put pressure on companies such as diversified miner Teck Resources TCKb.TO, down 2.2 percent at C$36.55, and oil producer EnCana Corp (ECA.TO), down 0.54 percent at C$55.60.
 “I think it’s just an overall selloff in the market today. It had a pretty nice run in some of these commodities so it was ripe for some profit-taking,” said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.
 At 10:40 a.m. (1540 GMT), the S&P/TSX composite index .GSPTSE was down 25.50 points, or 0.22 percent, at 11,599.28, after opening higher.
 The U.S. economy grew more slowly than first thought in the third quarter, but house prices rose for the fifth straight month in September and U.S. consumer confidence was up in November, suggesting a slow economic recovery is still intact. [ID:nN24296971]
 “I think it just confirms that we’re in a slow recovery here. It’s good to see a positive but it wasn’t as positive as people were expecting,” Nakamoto said.
 ($1=$1.06 Canadian)  (Editing by Peter Galloway)  ((kayan.ng@thomsonreuters.com; Reuters Messaging: kayan.ng.reuters.com@reuters.net; 416-941-8109)) ============================================================== FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS: TSX market report..........[.TO] Canadian dollar and bonds report....[CAD/][CA/] Top News: Canada ......[TOP/CAN] Today in Canada.......[CA/DIARY] Canadian company news .. [E-CAN] Reuters global stocks poll (Canada)...EQUITYPOLL5 [EPOLL/CA] FOR CANADIAN MARKETS DATA, CLICK ON CODES IN BRACKETS: Canadian Equities speed guide.......<CA/EQUITY> S&P/TSX Composite index ...............GSPTSE S&P/TSE Venture composite index .......SPCDNX TSX most active..........AV.TO Venture Exchange most active.............AV.V Top TSX pct gainers......PG.TO Top TSX pct losers.......PL.TO S&P/TSX 60 index ........TSE60 52 week highs:
 TSX...............t.YH.TO  Venture..............t.YH.V 52 week lows:
 TSX...............t.YL.TO  Venture..............t.YL.V Canadian dollar quote......CAD=CAD=D3=CAD FOR MAIN GLOBAL MARKET DATA AND MARKET REPORTS:   FTSE EUROTOP 300 ......FTEU3  EUROPEAN REPORT .......[.EU]   Nikkei 225..............N225  Tokyo report............[.T]   FTSE 100................FTSE  London report...........[.L]   Xetra DAX..............GDAXI  Frankfurt market stories[.F]   CAC-40...FCHI  Paris market stories...[.PA]   World Indices.......<0#.INDEX>   Foreign exchange........[FRX/]   Oil.......[O/R]   US Treasuries............[US/]   International bonds.....[EUB/]   Gold.........[GOL/X] or [GOL/]   CRB index of commodity futures.........[CRB/] 

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below