TSX slides off 18-month high as oils slip

Tue Apr 6, 2010 5:23pm EDT
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By Ka Yan Ng

TORONTO (Reuters) - The TSX fell on Tuesday with the energy group the chief laggard as investors took profits after two sessions of gains.

The Canadian dollar was the standout piece of Canadian news as it hit parity with the U.S. dollar for the first time in more than 20 months. But the impact on Toronto stocks was muted.

"In the very short term we've run out of drivers to push the markets higher. We haven't yet seen any level of broad concern with regards to the Canadian dollar appreciation," said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.

He added that the next market movers will likely be corporate earnings, which will start coming out in the next few weeks.

The price of oil had a seesaw session but settled higher for a sixth consecutive session, although the TSX's energy group, down 0.64 percent, failed to keep up with the commodity, an important Canadian export.

Talisman Energy dropped 1.9 percent to C$17.83, while Imperial Oil lost 1.8 percent to C$40.95.

The index's materials group was lower as well, down 0.59 percent, even as the price of gold firmed and copper hit a 20-month high.

Barrick Gold Corp, the world's biggest gold producer, lost 0.65 percent to C$39.44, but Teck Resources bucked the trend, rising 1.19 percent to C$46.75.   Continued...

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