CANADA STOCKS-TSX in 5-day losing streak on soft jobs data

Fri Apr 5, 2013 11:10am EDT
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* TSX off 102.26 points, or 0.83 percent, at 12,260.79
    * Nine of 10 main sectors decline
    * Gold shares rise 1.2 percent
    * Pension officials back Agrium board nominees, stock slips

    By John Tilak
    TORONTO, April 5 (Reuters) - Canada's main stock index
slumped to its lowest in more than 3-1/2 months on Friday, led
by the financial and energy sectors, as weak Canadian and U.S.
jobs data suggested the North American economy could be losing
    The economic uncertainty weighed on oil prices, which fell
to a five-month low, but a rising bullion price took gold shares
    The benchmark Canadian index slipped for the fifth straight
session and was down 3.8 percent on the week. The week's losses
are on the way to erasing all the gains the index made in 2013.
    March data showed that American employers hired at the
slowest pace in nine months and Canada posted the worst monthly
jobs loss in more than four years. 
    "The market was somewhat ahead of itself on expectations it
was going to be full steam ahead," said Gavin Graham, president
at Graham Investment Strategy. "We've been reminded that there
will be some bumps in the road."
    "You're going to get months when job gains are not as high
as expected or even have a reversal," he added.
    The Toronto Stock Exchange's S&P/TSX composite index
 was 102.26 points, or 0.83 percent, at 12,260.79,
after sinking to 12,244.23, its lowest point since Dec. 17,
    Nine of the 10 main sectors on the index were in the red.
    Financials, the index's weightiest sector, were the biggest
negative influence, giving back 1.5 percent. Royal Bank of
Canada dropped 1.3 percent to C$59.63.    
    Energy shares lost 0.7 percent.
    But the materials sector, which includes mining stocks,
added 0.7 percent. The price of gold received a boost because
the bad economic news created interest in safe-haven assets.
    The gold group climbed 1.2 percent. Goldcorp Inc 
gained 2.4 percent to C$32.70, and Yamana Gold Inc rose
2.5 percent to C$14.78.
    In company news, the Canada Pension Plan Investment Board,
one of the world's largest pension funds, said it has voted to
support Agrium Inc's board nominees ahead of a
shareholder meeting next week. Agrium shares were down 0.2