CANADA STOCKS-TSX drops as lower gold offsets bank rally

Mon Nov 30, 2009 4:47pm EST
 
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 * 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: Quote), the biggest drag on the index,
fell 2.4 percent to C$44.07, while Barrick Gold Corp (ABX.TO: Quote)
followed with a drop of 0.86 percent to C$44.86.
  Bank of Montreal (BMO.TO: Quote), 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: Quote) rose 0.7 percent to C$48.50.
 Royal Bank of Canada, Toronto-Dominion Bank (TD.TO: Quote) and
Canadian Imperial Bank of Commerce (CM.TO: Quote) 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))
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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 ......
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 .......
52 week highs:
 TSX...............t.YH.TO  Venture..............t.YH.V
52 week lows:
 TSX...............t.YL.TO  Venture..............t.YL.V
Canadian dollar quote......CAD=CAD=D3=CAD
FOR MAIN GLOBAL MARKET DATA AND MARKET REPORTS:
  FTSE EUROTOP 300 ......FTEU3  EUROPEAN REPORT .......[.EU]
  Nikkei 225..............N225  Tokyo report............[.T]
  FTSE 100................FTSE  London report...........[.L]
  Xetra DAX..............GDAXI  Frankfurt market stories[.F]
  CAC-40...FCHI  Paris market stories...[.PA]
  World Indices.......<0#.INDEX>
  Foreign exchange........[FRX/]
  Oil.......[O/R]
  US Treasuries............[US/]
  International bonds.....[EUB/]
  Gold.........[GOL/X] or [GOL/]
  CRB index of commodity futures.........[CRB/]