CANADA STOCKS-TSX slips as gold and oil shares ease with Syria fears

Tue Sep 10, 2013 10:57am EDT
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* TSX falls 26.15 points, or 0.20 percent, to 12,828.49
    * Five of the 10 main index sectors decline
    * Gold producers slip 3.4 percent as bullion drops
    * Goldcorp has biggest negative influence on the index

    By John Tilak
    TORONTO, Sept 10 (Reuters) - Canada's main stock index
declined on Tuesday as commodity prices dropped as concerns
about a military strike on Syria eased, weighing on shares of
gold miners and energy companies.
    Data from China, which showed industrial output topped
expectations in August, failed to lift sentiment in the Toronto
    Prices for bullion and oil surged as the Syrian conflict
escalated in recent weeks with investors looking for safe
havens, but they have given up some of those gains this week. 
    The bullion price shed about 2 percent on Tuesday, pushing
gold miners down 3.4 percent. A more than 2 percent decline in
the price of oil helped take energy producers down 1 percent.
    Tensions relaxed after Syria accepted a Russian proposal to
give up chemical weapons in hopes of winning a reprieve from a
U.S. military strike. 
    "It means investors don't have to be so aggressive in
protecting themselves against the possibility (of military
action) by buying things like gold and oil," said Fred Ketchen,
director of equity trading at ScotiaMcLeod.
    "People think it's probably wise to take some profits,
selling off a little bit until they find another reason to turn
more aggressive on the buy side."
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 26.15 points, or 0.20 percent, at 12,828.49.
    Five of the 10 main sectors on the index were in the red.
    The materials sector, which includes mining stocks, lost 1.7
percent. Shares of gold producers fell the most.
    Goldcorp Inc declined 4 percent to C$28.97 and had
the biggest negative influence on the index. Barrick Gold Corp
 gave back 3.2 percent to C$19.28.
    In the energy group, Suncor Energy Inc lost 1.8
percent to C$36.12, and Enbridge Inc was down 0.8
percent at C$42.91.
    Financials, the index's most heavily weighted sector,
slipped 0.2 percent as declines in banks offset strength in
insurance companies.
    Toronto-Dominion Bank fell 0.6 percent to C$90.80,
but Manulife Financial Corp climbed 0.7 percent to