March 9, 2010 / 3:24 PM / 9 years ago

CANADA STOCKS-TSX opens lower on weaker commodity prices

 * TSX down 27.94 points, or 0.23 percent, at 11,935.90
 * Materials shares drop 0.9 percent, lead TSX lower
 * Bank of Nova Scotia falls 0.7 pct  (Adds details, quote)
 By Jennifer Kwan
 TORONTO, March 9 (Reuters) - Toronto’s main stock index stumbled on Tuesday morning as a stronger U.S. dollar weighed on oil and gold prices, pushing down heavily weighted resource shares.
 The materials sector, home to mining and fertilizer-producer shares, dropped 0.9 percent as gold and base metal prices fell on broad investor risk aversion. [GOL/] [MET/L]
 Barrick Gold (ABX.TO) fell 1.1 percent to C$40.41, Teck Resources TCKb.TO dropped 1.8 percent to C$40.83, and Potash Corp of Saskatchewan POT.TO fell 0.9 percent to C$120.22.
 Suncor Energy (SU.TO) dropped 1.6 percent to C$31.53 as oil prices fell below $81 a barrel. [O/R]
  Anxiety about the economic outlook has crept back into the market, said Paul Gardner, partner and portfolio manager at Avenue Investment Management. He said concern is largely fueled by underlying worries about the fiscal health of Greece.
 “People are still wary. They’re still concerned about the economy,” he said.
 At 9:57 a.m. (1457 GMT), the S&P/TSX composite index .GSPTSE was down 27.94 points, or 0.23 percent, at 11,935.90.
 Bank of Nova Scotia (BNS.TO) said its profit rose in its first quarter, beating analysts’ expectations, as domestic banking earnings surged and loan losses were lower than anticipated [ID:N08126522]. Shares of Canada’s third-largest lender fell 0.7 percent to C$49.75.
“Earnings from Scotia were better than expected, but I think the market went ahead of itself and all the good news was already priced in. Now that earnings are out of the way, you’re seeing some small profit-taking,” said Francis Campeau, broker at MF Global Canada, in Montreal.
 ($1=$1.03 Canadian)  (Reporting by Jennifer Kwan; editing by Peter Galloway)                                      

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