January 7, 2010 / 9:42 PM / 9 years ago

CANADA STOCKS-TSX drops as China news hits commodities

 * Key index ends down 0.48 percent at 11,887.51
 * China central bank tightening hits commodities
 * Market focus shifts to Friday jobs data  (Adds details)
 TORONTO, Jan 7 (Reuters) - Toronto’s main stock market index ended a five-session stretch of gains on Thursday as a drop in gold and oil prices pulled down a host of resource-related stocks, including Canadian Natural Resources (CNQ.TO) and Suncor Energy (SU.TO).
 The price of crude oil fell from 15-month highs to below $83 a barrel, clipping a 10-day rally, as signs of a tighter monetary policy in China sparked concern about demand in the world’s second largest energy consumer. [O/R]  [ID:nTOE60604H]
 Canadian Natural Resources, down 2.3 percent at C$74.48, and Suncor, off 1.1 percent at C$38.82, played the biggest roles of any stocks in leading the market lower.
 “Commodity prices are off so our producers are down as well. That’s largely being driven by news from China that it might be tightening credit,” said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.
 The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed down 57.03 points, or 0.48 percent, at 11,887.51.
 Picardo said the market’s intense focus on North American jobs data for December, due on Friday, also prompted some investors to take profits ahead of time.
 ($1=$1.03 Canadian)  (Reporting by Ka Yan Ng; editing by Peter Galloway)                                      

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