CANADA STOCKS-TSX weighed down by resources, financials

Fri Nov 26, 2010 5:32pm EST
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   * TSX down 53.10 points, or 0.41 pct. at 12,892.71
 * Six of the 10 main groups end lower
 * Index down 0.49 percent for the week
 By Solarina Ho
 TORONTO, Nov 26 (Reuters) - Toronto's main stock index
finished lower on Friday as the influential energy and mining
sectors were dragged lower by soft commodity prices, which fell
on worries over euro zone debt.
 Suncor Energy SU.TO fell 1.13 percent to C$34.16 and was
the biggest market mover, leading the energy group down 0.83
percent as oil prices inched lower [ID:nN26126121]. Canadian
Natural Resources CNQ.TO sank 1.07 percent to C$39.60.
 Slumping gold prices helped drag down the broader materials
group by 0.44 percent. Gold fell 1 percent in thin trading as
risk-averse markets looked to the security of the U.S. dollar,
sending the greenback to two-month highs. [GOL/] Barrick Gold
ABX.TO eased 0.27 percent to C$51.85.
 "The golds are also in a profit-taking mode," said John
Ing, president of Maison Placements Canada.
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE closed down 53.10 points, or 0.41 percent, at
12,892.71. The TSX was down 0.49 percent on the week.
 Six of the index 10 main groups finished lower on Friday.
 Financial issues, another index powerhouse, fell 0.3
percent, weighed down by the big banks. Toronto-Dominion Bank
TD.TO was off 0.66 percent at C$74.81. Royal Bank of Canada
RY.TO was down 0.52 percent at C$55.00.
 Markets were rattled by worries over European sovereign
debt levels and the possibility of further big bailouts, and by
military tensions between North and South Korea.
 Market speculation worried that Portugal could follow in
the steps of Ireland and have to seek a European bailout, and
that sovereign debt problems could also spread to Spain.
 "It's a chronic problem and it's a contagion, and we're
watching it unwind. The skirmish between the Koreas is another
problem," said Ing.
 Korean tensions remained high days after North Korea
shelled a South Korean island and ahead of military exercises
in the region by South Korea and the United States.
 In individual company news, C&C Energia CZE.TO, which
said it suspended some production in Colombia due to protests
and road blockades, was down 1.91 percent at C$10.25.   
 Markets were very quiet on Friday following Thursday's U.S.
Thanksgiving holiday and with Wall Street closing up shop
early, at 1 p.m. EST (1800 GMT).
 "Markets tend to get very thin around American Thanksgiving
and then, as you get into December, you get the start of the
Santa Claus rally just because most people have taken their tax
losses for the year and the least path of resistance is up,"
noted Irwin Michael, a portfolio manager at ABC Funds.
 ($1=$1.02 Canadian)
 (Editing by Rob Wilson)