CANADA STOCKS-TSX lower as financials, oils drag

Fri Jul 24, 2009 10:46am EDT
 
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* TSX down 0.74 percent at 10,595.77

* Financials retreat 0.89 percent

* Energy falls 0.73 percent, as oil price drops (Adds details, quote)

By Nina Lex

TORONTO, July 24 (Reuters) - Toronto's main stock index was lower on Friday morning, weighed down by retreating financial and energy issues.

The financial sector, which accounts for one third of the index, fell 0.89 percent as investors looked to pocket profits after yesterday's gains, while disappointing results from Microsoft Corp (MSFT.O: Quote) and Amazon.com Inc (AMZN.O: Quote) curbed sentiment.

"I think financials have had big a charge up and people are taking a few profits," said Douglas Davis, chief executive officer at Davis-Rea.

Toronto-Dominion Bank (TD.TO: Quote) fell 1.46 percent to C$60.79 and Royal Bank of Canada (RY.TO: Quote) was down 0.80 percent at C$46.66.

The mining-laden material sector was up 0.1 percent as gold held above $950 an ounce.   Continued...