April 7, 2011 / 3:36 PM / 8 years ago

CANADA STOCKS-TSX resists commodity push, falls for 2nd day

   * TSX down 31.66 points, or 0.22 percent, at 14,170.99
 * All 10 main index groups lower
 * Investors take profits after six-day rise  (Adds details, comments)
 By Solarina Ho
 TORONTO, April 7 (Reuters) - Toronto’s main stock index was lower on Thursday morning as some higher commodity prices were unable to buoy a market that seemed intent on taking profits for a second day after its recent run of strong gains.
 Energy and financial shares were among the top losers with Canadian Natural Resources (CNQ.TO) down 0.59 percent at C$46.97, and Bank of Nova Scotia (BNS.TO) slipping 0.48 percent to C$58.54.
 The index’s energy group overall was down 0.38 percent while financial stocks were off 0.28 percent. The two heavyweight sectors make up roughly 55 percent of the index.
 At 10:33 a.m. (1433 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was down 31.66 points, or 0.22 percent at 14,170.99. All 10 of the index’s main groups ticked lower.
 The index also fell 0.48 percent on Wednesday after rising strongly in the previous six sessions.
 “People had quite a good run when the index rallied,” said Francis Campeau, a broker at MF Global Canada.
 “When commodities are up small, and commodity stocks are down, and there’s no main specific news, it really smells like profit-taking.”
 New U.S. jobless claims fell more than expected this week, pointing to a firming labor market, which helped boost U.S. crude prices on Thursday. [O/R] [ID:nN0784911]
 Also, bullish remarks at a key industry conference in South America bolstered copper, which touched its highest level in two weeks. [MET/L]
 Diversified miner Teck Resources TCKb.TO declined 1.41 percent to C$55.40. The index’s materials group, home to miners, was down 0.53 percent.
Safe-haven bullion, which rose to a record high after remarks by European Central Bank president Jean-Claude Trichet on Thursday, was unable to buoy gold-mining shares for long. [GOL/]
 Goldcorp (G.TO), which rose initially, was down 0.49 percent to C$50.48.
 “I think the downside is quite limited. U.S. markets, European markets have been faring quite well, small-cap U.S. is trading at year highs, so I really think it’s just short-term profit-taking, where we might go sideways,” Campeau said.
 Dollarama (DOL.TO) was off 0.81 percent at C$30.50 after rising 1.63 percent at the open. The discount chain reported a 23 percent jump in quarterly profit before markets opened and said it would open 50 new store openings within a year. [ID:nN07302969]
 MKS Inc MKX.TO shares jumped 37.47 percent following news that Parametric Technology planned to buy the software and services provider for C$292.5 million, or C$26.20 a share, a 38 percent premium to its closing price on Wednesday. [ID:nL3E7F71X6]
 ($1=$0.96 Canadian)  (Editing by Peter Galloway)                                        

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