January 10, 2011 / 9:49 PM / 8 years ago

CANADA STOCKS-TSX falls but resources regain some ground

 * TSX cuts losses to finish down 0.2 percent at 13,245.12
 * Most sectors fall
 * Gold-mining issues among the few blue-chip advancers
 * Canadian Natural eyes some output after fire, stock up  (Adds details)
 TORONTO, Jan 10 (Reuters) - Toronto’s main stock index finished lower on Monday but managed to cut its losses toward the end of the session as resource shares regained ground and gold-mining issues rose.
 A flare-up of concern over the euro zone debt crisis cast a pall over equities and other risky assets on Monday and that kept the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE on a downward path that is now five sessions long.
 “We did think the market was a little frothy last year so we’re not surprised to see a bit of a pullback here,” said Michael Sprung, president of Sprung & Co Investment Counsel. “People managed to keep the rally going to the end of the year but now I would think they are taking some profits off the table. Our view all along has been that the market has been ahead of the underlying economic fundamentals.”
 The index finished 27.18 points, or 0.2 percent, lower at 13,245.12. Nine of its 10 main groups were lower, led by weakness in financials. The utilities group was flat.
 Key decliners included Royal Bank of Canada (RY.TO), down 0.63 percent at C$51.69, and Toronto Dominion Bank (TD.TO), down 0.67 percent at C$73.70.
 Fears that Portugal would be forced into a bailout pulled the index down 1 percent earlier in the session. A firm price of gold was a factor in the recovery as gold-mining issues were among the few blue chips that eked out gains.
 Agnico Eagle (AEM.TO) pushed up 2.18 percent to C$71.32, while Goldcorp (G.TO) added 0.38 percent to C$42.66, helping the index’s materials group to limit its decline to 0.05 percent.
 But diversified miner Teck Resources TCKb.TO fell 2.34 percent to C$60.50 as the price of copper slipped for a fifth straight session, weighed down by news that China’s copper imports fell 2 percent in December.
 The energy group recouped nearly all its losses as well, down 0.07 percent, partly on the rebound in Canadian Natural Resources (CNQ.TO) shares. The stock was one of the 10 most active.
 Canadian Natural recovered some of last week’s decline after it said it could resume limited production at its Horizon oil sands plant in northern Alberta after determining that key parts of its upgrader may still be able to function following a fire last week. [ID:nN10269797]
 The stock, which fell 5.5 percent on Friday following the fire, rose 2.46 percent to C$41.60.
 ($1=$0.99 Canadian)  (Reporting by Ka Yan Ng; editing by Peter Galloway)                                        

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