November 10, 2009 / 3:50 PM / in 8 years

CANADA STOCKS-Oil shares lead broad TSX retreat

 * TSX falls 0.21 percent to 11,462.23
 * Five-day rally halted by profit-taking, resources drop
 * Cossette agrees to be acquired by Mill Road Capital
 (Adds details)
 By Ka Yan Ng
 TORONTO, Nov 10 (Reuters) - Toronto's main stock index fell
on Tuesday morning as Canadian Natural Resources CNQ.TO,
Suncor Energy SU.TO and other oil shares dropped after
running up in a five-day market rally.
 The resource-rich index was also hit by declining
gold-mining stocks as the price of gold XAU= [GOL/]
 Canadian Natural led all decliners, falling 2.1 percent to
C$70.57, while Suncor was off 1 percent at C$36.96. Oil company
EnCana ECA.TO weakened 1.1 percent to C$62.05. These three
stocks made up the biggest drags on the index even though the
price of oil  CLc1 popped over $80 a barrel.
 Key decliners also included fertilizer producer Potash
Corp, which lost 1.2 percent to C$104.27, and Goldcorp G.TO,
down 0.3 percent at C$46.38.
 At 10:27 a.m. (1527 GMT), the S&P/TSX composite index
.GSPTSE was down 24.65 points, or 0.21 percent, at 11,462.23,
slightly off the two-week high hit in the previous session.
 "It's so natural that after five rally days you're going
have bit of a breather, so I wouldn't be surprised if we see
some pressure today and some profit-taking," said Paul Gardner,
partner and portfolio manager at Avenue Investment Management.
 Positive quarterly reports from Britain's top two banks,
HSBC HSBA.L and Barclays BARC.L, limited declines in the
index's weighty banking sector and partly offset the
resources-led fall.
 The British banks signaled bad debts may be past their
peak, with HSBC declaring the first drop in U.S. consumer
finance impairments in three years. For more see
 Royal Bank of Canada RY.TO was among top gainers, rising
0.6 percent to C$56.80, after UBS raised its rating on the
country's biggest bank to "buy" from "neutral".
 Cossette Inc KOS.TO, Canada's largest home-grown
advertising agency, rose 33 percent to C$7.78. It said it will
sell itself to private eqyity firm Mill Road Capital, spurning
a bid from Cosmos Capital. [ID:nN10304881]
 ($1=$1.05 Canadian)
 (Editing by Peter Galloway)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below