TSX snaps six-day run-up, ends week higher

Fri Jun 18, 2010 5:12pm EDT
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TORONTO (Reuters) - Toronto's main stock index ended slightly lower on Friday but record bullion prices that sent gold-mining shares higher kept a lid on otherwise broad-based losses across nearly all sectors.

Nine of the index's 10 main groups finished lower, though the losses were mostly slim, with key groups such as energy and financials showing drops of 0.2 percent and 0.04 percent, respectively.

Among decliners were Imperial Oil, down 1.6 percent at C$40.67, while Suncor lost 0.78 percent to C$34.44. Other decliners included Sun Life, down 1.05 percent at C$30.21, and Manulife Financial, off 0.6 percent at C$16.54.

The Toronto Stock Exchange's S&P/TSX composite index finished down for the first time after a six-day advance. It was off 18.38 points, or 0.15 percent, at 11,927.59. For the week, the index is up 2.2 percent.

"It's been an aimless day, no conviction in either direction," said Elvis Picardo, analyst and strategist at Global Securities in Vancouver, British Columbia.

"The TSX is approaching 12,000 so that might be a modest level of resistance. Hopefully we get through that barrier next week."

The materials sector was the lone advancer, up 0.64 percent, mostly backed by the advancing gold issues. Gold rallied to a record high above $1,260 an ounce as momentum triggered by buying of the metal as a haven from sovereign and financial risk pushed prices through technical resistance.

World No. 1 gold producer Barrick Gold climbed 1.97 percent to C$47.01 and fellow gold miner Goldcorp rose 0.78 percent to C$46.51.

($1=$1.02 Canadian)

(Reporting by Ka Yan Ng; Editing by Mario Di Simine)