April 7, 2011 / 8:47 PM / 8 years ago

CANADA STOCKS-TSX falls on Japan aftershock, $110 oil

 * TSX down 94.88 points, or 0.67 percent, at 14,107.77
 * All 10 main index groups lower  (Updates to close, adds details)
 By Claire Sibonney
 TORONTO, April 7 (Reuters) - Toronto’s main stock index fell on Thursday as uncertainty spurred by a major aftershock in Japan, unrest in the Middle East and soaring oil prices prompted a second day of profit-taking after a recent run of strong gains.
 Markets were firmly in risk-aversion mode after news that a tsunami warning had been issued for Japan’s northeast coast, already devastated by last month’s massive quake and tsunami and the nuclear crisis that ensued. [ID:nL3E7F72Y2]
 Meanwhile, U.S. crude oil futures jumped above $110 a barrel for the first time since 2008 due to uncertainties about supply in Libya, the Middle East and Nigeria. [O/R]
   Among the heaviest decliners, Canadian Natural Resources (CNQ.TO) fell 1.8 percent to C$46.40, Potash Corp POT.TO lost 1.8 percent to C$56.45, and First Quantum Minerals (FM.TO) tumbled almost 5 percent to C$135.09.
 “One reason we’re seeing weakness broadly is oil prices continue to spike up. Is that going to hamper some of the economic momentum we’ve been building towards over the last few months?” said Youssef Zohny, portfolio manager at Van Arbor Asset Management in Vancouver.
 Zohny said other factors dampening the market were a flare-up of fighting in Gaza and a looming U.S. government shutdown due to the lack of a budget deal.
 Investors may also be holding off bets ahead of the start of U.S. earnings season next week.
 The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE ended down 94.88 points, or 0.67 percent, at 14,107.77. All 10 of the index’s sectors were weaker.
 It was the index’s second day of losses following six sessions of gains.
 Gold miners fell 0.3 percent despite the price of bullion hitting a record high for a third straight session. [GOL/]
 Barrick Gold Corp (ABX.TO) dropped nearly 1 percent to C$51.50, but Goldcorp (G.TO) bucked the trend, rising 0.4 percent to C$50.93.
 ($1=$0.96 Canadian)  (Reporting by Claire Sibonney; editing by Peter Galloway)                                        

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