January 7, 2011 / 10:04 PM / 8 years ago

CANADA STOCKS-TSX marks 4th straight loss as resources drag

   * TSX down 39.37 points, or 0.3 percent, at 13,272.30
 * Index falls 1.27 percent on the week
 * Oil has biggest weekly percentage loss in nearly 5 mths
 * Gold marks longest losing streak in 7 months  (Updates to close, adds details, comments)
 By Solarina Ho
 TORONTO, Jan 7 (Reuters) - Toronto’s main stock index fell for a fourth straight session on Friday, extending its 2011 losses as lower commodity prices and a fire in the Alberta oil sands pulled down oil and other resource shares.
 Oil company Canadian Natural Resources (CNQ.TO) fell 5.47 percent to C$40.60 after a fire late on Thursday halted production at its 110,000-barrel-a-day oil sands project. [ID:nN07198897]
  The energy group, which accounts for more than a quarter of the index, led declines, dropping 1.1 percent as U.S. crude oil futures ended the first week of the year with the biggest weekly percentage loss in nearly five months. [O/R]
  Suncor Energy, Canada’s biggest oil company, was off 0.43 percent at C$36.98.
  The index’s materials group, home to gold miners, fell 0.64 percent. Goldcorp (G.TO) was down 1.02 percent at C$42.50, while Barrick Gold (ABX.TO) declined 0.77 percent to C$48.69.
 Gold prices suffered their longest losing streak in seven months, sliding more than 3 percent this week and falling for a fifth day on Friday after U.S. December jobs data failed to spark safe-haven demand. [GOL/]
  The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE ended down 39.37 points, or 0.3 percent, at 13,272.30. For the week, the index fell 1.27 percent.
 “We’re under a little bit of pressure today, but I don’t think it’s anything disastrous,” said Fred Ketchen, director of equity trading at ScotiaMcLeod.
 “In the U.S., significant disappointment continues to plague their economy...problems in the United States continue and we need to be aware of the fallout that will continue to come from our southern neighbors.”
 Tempering the index’s losses was a 0.37 percent gain in financial issues, which got a lift from data that showed the Canadian economy created more jobs than expected in December. [ID:nN07271210]
 Royal Bank of Canada (RY.TO) was up 0.79 percent at C$52.02, while Bank of Nova Scotia (BNS.TO) gained 0.68 percent to close at C$56.25. Toronto Dominion Bank (TD.TO) rose 0.51 percent to C$74.20
 ($1=$0.99 Canadian)  (Reporting by Solarina Ho; editing by Peter Galloway)                                        

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