August 10, 2009 / 2:37 PM / 10 years ago

CANADA STOCKS-TSX hurt by gold price, all sectors lower

 * TSX down 0.74 percent at 10,807.59
 * Materials group weighs as gold price hits one-week low
 * All 10 sectors lower  (Adds details)
 TORONTO, Aug 10 (Reuters) - Toronto’s main stock index fell as much as 1 percent on Monday morning in a broad decline as investors pocketed profits after the index notched its fourth straight week of gains last week.
 The decline was led by a 1.4 percent drop in the index’s mining-heavy materials group, which was under pressure from the declining price of gold, which hit a one-week low of $942 an ounce. [ID:nLA148461]
 Top gold producers Goldcorp (G.TO), which fell 2.5 percent to C$39.33, and Barrick Gold (ABX.TO), down 1.5 percent at C$37.05, were among the biggest heavyweight decliners.
 The energy group slipped 0.18 percent even though oil prices held near $71 a barrel. Pipeline and power firm TransCanada (TRP.TO) was up 0.45 percent at C$31.28, but most other big-name energy players were on the decline.
 EnCana (ECA.TO), for instance, was off 1.02 percent at C$56.04, while Suncor Energy (SU.TO) fell 0.36 percent to C$36.19.
 The TSX had trimmed its decline a bit at midmorning but all 10 sectors held lower. At 10:15 a.m. (1415 GMT), the S&P/TSX composite index .GSPTSE was down 77.74 points, or 0.74 percent, at 10,807.59.
 Heading into the session, the TSX was up more than 40 percent from its March lows and analysts said a breather for the market was due.
 “Golds are lower, oil weaker. After the runup last week it’s not unexpected,” said John Ing, president of Maison Placements Canada, noting that the index was technically overbought last week.
 Cameco Corp (CCO.TO) slipped 0.6 percent to C$30.10 after a media report said the Canadian uranium miner is planning to sell its interest in Centerra Gold Inc (CG.TO) with a public stock sale that could raise more than C$600 million. [ID:nBNG456120]  Centerra dropped 8.5 percent to C$6.55.
 ($1=$1.08 Canadian)  (Reporting by Ka Yan Ng; editing by Peter Galloway)                                      

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