CANADA STOCKS-TSX wedged lower as energy, gold shares drag

Wed Jul 29, 2009 10:25am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

 * TSX down 106.31 points at 10,464.23
 * Energy shares lead decline on oil price drop
 * Six of 10 TSX sectors in lower territory
 (Adds details and comments)
 By Frank Pingue
 TORONTO, July 29 (Reuters) - Toronto's main stock index was
lower on Wednesday morning as a slide in oil and gold prices
pushed some investors to take profits.
 The energy sector, which accounts for about 22 percent of
the TSX index, was down more than 2 percent after U.S. data
showed an unexpected rise in crude inventories and triggered a
slide in the price of oil. [ID:nSP480296]
 Petro-Canada PCA.TO shares were off 3 percent at C$42.99
while Talisman Energy TLM.TO fell 2.9 percent to C$16.58.
 The lower open for the TSX did not draw concern from market
experts since it came days after the index touched its highest
level in nearly 10 months. The TSX is still up about 40 percent
from the five-year low it hit in early March.
 "Markets on both side of the border are probably due for a
slight pullback since they've basically been going full tilt
since the beginning of March," said Steve Ibel, institutional
equities trader at Beacon Securities, in Halifax, Nova Scotia.
 At 10:05 a.m. (1405 GMT), the S&P/TSX composite index
.GSPTSE was down 106.31 points, or 1 percent, at 10,464.23.
Six of the 10 TSX sectors were lower, led by a 1.7 percent drop
in the weighty energy group.
 Another key drag on the index came from the mining-laden
materials sector, which was down 1.5 percent, hurt by a slide
in prices for gold and other base metals.
 Goldcorp (G.TO: Quote) shares were off 1 percent at C$38.60, while
Barrick Gold Corp (ABX.TO: Quote) was down 0.77 percent at C$35.98.
 ($1=$1.09 Canadian)
 (Editing by Peter Galloway)