December 7, 2010 / 4:06 PM / 8 years ago

CANADA STOCKS-TSX see-saws as gold rally loses steam

   * TSX down 19.34 points, or 0.15 pct, at 13,256.67
 * Eight of 10 main groups lower
 * Energy, financials cushion slide
 By Solarina Ho
 TORONTO, Dec 7 (Reuters) - Toronto’s main stock index see-sawed lower on Tuesday morning as gold prices retreated from record highs and dragged heavyweight gold miners lower.
 Record metal prices had pushed the TSX to its highest level since Sept. 2, 2008, but the index quickly began retreating as gold prices, which had climbed above $1,430 an ounce, lost momentum on profit-taking.
 The heavyweight materials group, home to miners, was down 0.24 percent. Goldcorp (G.TO) skidded 1.43 percent to C$47.47 while Agnico Eagle (AEM.TO) fell 2.02 percent to C$86.13.
 Base-metal miners were unmoved by record copper prices. Teck Resources TCKb.TO was down 1.15 percent at C$56.07.
 At 10:35 a.m. (1535 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was down 19.34 points, 0.15 percent, at 13,256.67. The index swung between positive and negative territory as the two main advancing groups — financials and energy — kept losses in check.
 Financial issues were up a modest 0.05 percent, as stronger than expected results from Bank of Montreal (BMO.TO) helped lift Canada’s fourth largest bank 1.62 percent to C$60.97.
 “They were not expected to be one of the stronger ones and they surprised and beat,” said Peter Chandler, senior vice-president and director at Canaccord Wealth Management.
 Higher oil prices, which rose above $90 a barrel on stronger demand and a softer U.S. dollar, helped lift the energy sector 0.51 percent.
 Suncor Energy (SU.TO) was the most influential mover on the upside, climbing 1.52 percent to C$36.62.
 ($1=$1.01 Canadian)  (Reporting by Solarina Ho; editing by Rob Wilson)                                        

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