CANADA STOCKS-TSX drops as resources weigh
* TSX down 93.06 points at 11,141.82
* Gold-mining and energy stocks headline selloff (Adds details and comments)
By Frank Pingue
TORONTO, Oct 27 (Reuters) - Toronto's main stock index was lower on Tuesday morning as shares of miner Kinross Gold (K.TO: Quote) dropped after the company trimmed its production outlook.
Kinross shares, the biggest drag on the index, were down 4 percent at C$20.74 after the company lowered its full-year 2009 production outlook and raised its estimate for average cost of sales. [ID:nN27230566]
Other gold miners joined the selloff, with Goldcorp (G.TO: Quote) shares off 1.4 percent at C$40.40, and Yamana Gold YRI.TO dropping 2 percent to C$11.79.
"The U.S. dollar has been in a free-fall so you're getting the inevitable (US$) bounce, and that's sort of giving cause to some profit-taking in the commodities, which had such a great run," said John Ing, president of Maison Placements Canada.
"Commodities were very much overbought, but my expectation is that as we go into the month-end we will probably get a rally toward the end of the week."
Investors were also booking profits on weighty energy stocks, opting to ignore a rally in oil prices after three straight days of decline.
Shares of Suncor Energy (SU.TO: Quote) were 1.5 percent lower at C$37.05, while Canadian Natural Resources (CNQ.TO: Quote) dropped 1.5 percent to C$72.33.
At 10:20 a.m. (1420 GMT), the S&P/TSX composite index .GSPTSE was down 93.06 points, or 0.83 percent, at 11,141.82.
($1=$1.07 Canadian) (Editing by Peter Galloway)
© Thomson Reuters 2017 All rights reserved.