February 3, 2010 / 9:30 PM / 9 years ago

CANADA STOCKS-TSX slips after two sessions of gains

* TSX down 17.88 points, or 0.16 pct, at 11,390.46

* Miners a big drag on index as base metal prices slide (Updates to close, adds quotes)

By Jennifer kwan

TORONTO, Feb 3 (Reuters) - Toronto’s main stock market index ended slightly lower on Wednesday as investors grew cautious after two straight sessions of gains and a stronger greenback pressured commodity prices, weighing on miners.

First Quantum Minerals (FM.TO) topped the list of influential movers on the downside, dropping 8 percent to C$75.05, while Teck Resources TCKb.TO fell 2.2 percent to C$36.86, as the price of base metals pulled back.

Copper prices tumbled to 2-1/2-month lows as gains by the U.S. dollar and concerns over Chinese monetary tightening and European credit problems reflected an uncertain outlook for the global economic recovery. [MET/L] Gold prices were also weaker. [GOL/]

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE finished the day down 17.88 points, or 0.16 percent, at 11,390.46.

After two days of gains in which the TSX composite added 2 percent, it was not surprising to see a pullback, said Rick Meslin, head of Canadian equities at UBS.

“It’s really kind of like a bit of a battle with people taking risk off and balanced by people who are looking for opportunities,” he said.

On the upside, were heavyweights Potash Corp of Saskatchewan Inc POT.TO, which added 3.9 percent to C$114.77, and Research In Motion RIM.TO, which climbed 3.5 percent to C$72.00.

$1=$1.06 Canadian Reporting by Jennifer Kwan; editing by Rob Wilson

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