CANADA STOCKS-Retreating energy, materials drag TSX lower

Thu Jan 27, 2011 4:53pm EST
 
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   * TSX falls 0.41 percent to 13,410.20
 * Materials, energy hand back some of Wednesday's gains
 (Updates to close)
 TORONTO, Jan 27 (Reuters) - Toronto's main stock index
closed lower on Thursday as easing precious metal and oil
prices dragged down the market's hefty materials and energy
sectors.
 Although seven of the index's 10 main sectors advanced, the
energy sector closed down 0.9 percent, while materials shed
1.59 percent.
 Top decliners included Barrick Gold ABX.TO, down 3.3
percent at C$46.02, while Teck Resources TCKb.TO lost 2.92
percent to C$59.13. Suncor Energy SU.TO fell 1.4 percent to
C$38.55, and Canadian Natural Resources CNQ.TO slipped 1.74
percent to C$41.90.
 The price of gold slid to a three-month on retreating
investor appetite for the precious metal and on growing
expectations for rising interest rates, which would ultimately
make bullion a less attractive investment. Silver prices also
declined.[ID:nLDE70Q148] [GOL/]
 U.S. crude oil futures fell nearly 2 percent on pressure
from a rise in U.S. jobless claims, Kuwaiti and International
Energy Agency remarks about more output from OPEC, and on
technical selling. [ID:nL3E7CR07M] [O/R]
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE fell 55.55 points, or 0.41 percent, to end at
13,410.20.
 "There's a little bit of volatility in the commodities in
general. Most of the commodity producers have had quite a large
run and are consolidating those gains, and figuring out where
to go from here," said Youssef Zohny, associate portfolio
manager, at Van Arbor Asset Management.
 "We're seeing a little bit of profit-taking as well."
 In Wednesday's session, the resources were the key groups
that carried the index to a gain of more than 200 points and a
one-week high.
 (Reporting by Ka Yan Ng; editing by Rob Wilson)