January 7, 2013 / 4:23 PM / 6 years ago

CANADA STOCKS-TSX slips as resource prices weigh on energy, miners

* TSX falls 60.55 points, or 0.48 percent, to 12,480.26
    * Nine of 10 main sectors decline
    * Energy sector drops 1 percent

    By John Tilak
    TORONTO, Jan 7 (Reuters) - Canada's main stock index
stumbled on Monday, led by mining and energy stocks that were
pulled down by declining resource prices, as investors focused
on the upcoming fourth-quarter earnings season.
    The resource-heavy market in Toronto pared some of the
robust gains made in the previous week, when the index hit a
nine-month high after a landmark U.S. budget deal. 
    "The markets are coming off a hangover of feeling good from
last week," said Barry Schwartz, vice president and portfolio
manager at Baskin Financial Services.
    "Until we get a good feel on the fourth-quarter earnings and
the guidance for first-quarter earnings, the market will
probably trade sideways," he added.
    At midmorning, the Toronto Stock Exchange's S&P/TSX
composite index was down 60.55 points, or 0.48
percent, at 12,480.26. Nine of the 10 main sectors on the index
were in the red.
     The energy sector, down nearly 1 percent, slipped with
lower oil prices and played a major role in leading the market
lower. Suncor Energy Inc lost 1.2 percent to
C$33.16, and Canadian Natural Resources fell 1.7
percent to C$29.64.
    The materials sector, which includes mining stocks, lost 0.7
percent. Fertilizer giant Potash Corp was down 1.1
percent at C$40.60, while Barrick Gold Corp fell 1.3
percent to C$33.72.
    Gold prices slipped as investors eyed the outlook for U.S.
budget talks and the Federal Reserve's quantitative easing
    Investors were also taking in news that global regulators
gave banks four more years and greater flexibility to build up
cash buffers. 
    However, the financial sector, the index's biggest, gave
back 0.6 percent. Royal Bank of Canada was down 0.6
percent at C$60.68, and Toronto Dominion Bank slipped
0.7 percent to C$82.23.
    In company news, Canada's airlines flew fuller planes in
December, with dominant carrier Air Canada and No. 2
rival WestJet Airlines reporting record monthly
passenger levels. Air Canada shares were up 4.5 percent at
C$1.85. WestJet shares inched up 0.15 percent to C$20.24.
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