December 7, 2010 / 10:27 PM / 8 years ago

CANADA STOCKS-TSX finishes lower as miners retreat

   * Closes 25.34 points, or 0.19 percent, lower at 13,250.67
 * five of the index’s 10 groups were down
 * Gold and copper prices off record highs
 By Solarina Ho
 TORONTO, Dec 7 (Reuters) - Toronto’s main stock index closed lower on Tuesday as retreating metals prices encouraged investors to take profits after the market’s recent run-up.
 Half of the index’s 10 main groups were lower, with the hefty materials group, home to mining shares, leading the decliners and falling 1.32 percent after making gains in the past five sessions.
 Gold miners sagged as gold prices, which hit a record high early in the day, fell on profit-taking. Kinross Gold (K.TO) slid 2.74 percent to C$18.84, and Goldcorp (G.TO) fell 1.66 percent to C$47.36. [GOL/]
 Base metals miner Teck Resources TCKb.TO slipped 0.92 percent to C$56.20 as copper prices, which rose to a record high above $9,000 a ton early in the session, also eased. [MET/]
 “We got a little too far, too fast. Things like gold, silver and copper — we’ve been setting new highs almost on a daily basis for the past week, so certainly we’re due for a bit of a pause,” said Levente Mady, a market strategist at Union Securities.
 The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE finished 25.34 points, or 0.19 percent, lower at 13,250.67.
 “It’s been a very positive market so I certainly am not going to complain about a slightly down market,” said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier. “I think people want to say, ‘Enough is enough...I want to have a good profit, let’s not let it slip out of my hands’.”
 After hitting its highest level since Sept. 2, 2008, shortly after the open, the index seesawed through the remainder of the day as gains among energy issues offset losses among the miners.
 Energy shares finished higher for a fifth straight session, up 0.4 percent. Leading the charge was Canada’s biggest energy company, Suncor Energy (SU.TO), which climbed 1.64 percent to C$36.66. Talisman Energy TLM.TO rose 1.13 percent to C$20.54. [O/R]
 “That sector’s really lagged and it’s only recently that it’s really started to move up. I’ve felt for a while that it was an undervalued sector,” Nakamoto said.
 The index’s financial group climbed 0.38 percent. Canada’s fourth largest bank, Bank of Montreal (BMO.TO), jumped 3.12 percent to C$61.87 following a better-than-expected quarterly earnings report. [ID:nN07264531] Toronto-Dominion Bank (TD.TO), which was reported to be in talks to buy lender Chrysler Financial, advanced 1.85 percent to C$72.17. [ID:nN07286579] Offsetting gains was Bank of Nova Scotia (BNS.TO), which slipped 2 percent to C$55.00 after climbing 4 percent since last Friday.
 In individual company news, Research In Motion RIM.TO slid 1.77 percent to C$62.72. Two brokerages downgraded the BlackBerry maker as it faces increased competition from iPhone and Android-based smartphones. The overall tech group was down 0.58 percent. [ID:nSGE6B609H]
 ($1=$1.01 Canadian)  (Reporting by Solarina Ho; editing by Peter Galloway)                                        

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