TSX retreats on oil prices, profit-taking

Tue Nov 10, 2009 4:49pm EST
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By Jennifer Kwan

TORONTO (Reuters) - Toronto's main stock index fell for the first time in six sessions on Tuesday as investors cashed in recent profits and weaker oil prices pressured EnCana Corp ECA.TO, Canadian Natural Resources CNQ.TO and other energy companies.

EnCana led all decliners, falling 2 percent to C$61.50 while Canadian Natural Resources was off 1.8 percent at C$70.82 as the price of oil fell to around $79 a barrel. <O/R>

Key decliners also included financial names such as Manulife Financial MFC.TO, down 1.6 percent at C$20.71, and Toronto-Dominion Bank TD.TO, which fell 0.66 percent to C$66.15.

"New York is flat so it's not doing very much; the financials here are a little bit weaker but they were firmer yesterday. Gold is pausing because they had a big run. Oil is down a little bit," said John Kinsey, portfolio manager at Caldwell Securities Ltd.

"You can call it what you want, if you want to call it profit-taking. It's just a pause."

The S&P/TSX composite index .GSPTSE ended down 60.14 points, or 0.52 percent, at 11,426.74, with eight of its 10 main groups lower.

"We've seen fairly material profit-taking. Coming into November now most long-only funds and hedge funds have fought back a lot of the gains they gave up in 2009 so we've seen a desire to book the gains, take some risk off," said Rick Meslin, head of Canadian equities at UBS.

U.S. stocks were also mixed as investors assessed recent gains. .N   Continued...

<p>A Toronto Stock Exchange (TSX) logo is seen in Toronto November 9, 2007. REUTERS/Mark Blinch</p>