November 30, 2009 / 9:52 PM / 8 years ago

CANADA STOCKS-TSX drops as lower gold offsets bank rally

4 Min Read

 * TSX falls 17.21 points to 11,447.20
 * Ends November with gain of 4.9 percent
 * Bank shares help cushion latest slide  (Adds details and comments)
 By Frank Pingue
 TORONTO, Nov 30 (Reuters) - Toronto's main stock index closed lower on Monday as the impact of lower gold prices more than offset a rally by bank shares ahead of bank financial reports set to be released later this week.
 Gold prices were lower for the bulk of the session and took a toll on gold-mining shares and slowly ate away at early gains for the TSX, which at one point was up more than 1 percent.
 Shares of Goldcorp (G.TO), the biggest drag on the index, fell 2.4 percent to C$44.07, while Barrick Gold Corp (ABX.TO) followed with a drop of 0.86 percent to C$44.86.
  Bank of Montreal (BMO.TO), which last week topped expectations with a 16 percent rise in quarterly profit, ended up 1.5 percent at C$53.75, while shares of Bank of Nova Scotia (BNS.TO) rose 0.7 percent to C$48.50.
 Royal Bank of Canada, Toronto-Dominion Bank (TD.TO) and Canadian Imperial Bank of Commerce (CM.TO) are due to report earnings later this week.
 "It was a very quiet one today," said Bruce Latimer, trader at Dundee Securities. "It's month-end today and it just seems that a lot of people squared up positions last week and aren't willing to take any new ones today."
 The S&P/TSX composite index .GSPTSE ended down 17.21 points, or 0.15 percent, at 11,447.20. Earlier in the day it rose as high as 11,586.22, for a gain of 121 points.
 For the month, the TSX rose 4.9 percent.
 The last session of a month is often volatile as investors scramble to make final adjustments to their portfolios.
 ($1=$1.06 Canadian)  (Reporting by Frank Pingue; Editing by Peter Galloway)  ((frank.pingue@thomsonreuters.com ; +1 416 941-8094; Reuters Messaging: frank.pingue.reuters.com@reuters.net)) ============================================================== FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS: TSX market report..........[.TO] Canadian dollar and bonds report....[CAD/][CA/] Top News: Canada ......[TOP/CAN] Today in Canada.......[CA/DIARY] Canadian company news .. [E-CAN] Reuters global stocks poll (Canada)...EQUITYPOLL5 [EPOLL/CA] FOR CANADIAN MARKETS DATA, CLICK ON CODES IN BRACKETS: Canadian Equities speed guide.......<CA/EQUITY> S&P/TSX Composite index ...............GSPTSE S&P/TSE Venture composite index .......SPCDNX TSX most active..........AV.TO Venture Exchange most active.............AV.V Top TSX pct gainers......PG.TO Top TSX pct losers.......PL.TO S&P/TSX 60 index ........TSE60 52 week highs:
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