April 11, 2011 / 2:41 PM / 8 years ago

CANADA STOCKS-TSX weighed down by weaker commodities

 *TSX down 55.94 points to 14,152.49
 *Nine of 10 sectors weaker  (Updates with details, commentary)
 By Claire Sibonney
 TORONTO, April 11 (Reuters) - Toronto’s main stock index was lower on Monday morning as commodity prices dipped and weighed on heavyweight resource shares.
 Gold miners fell 0.7 percent after bullion eased from a record high hit earlier in the day as an oil-price retreat dimmed some of gold’s safe-haven attraction. [GOL/]
 Barrick Gold Corp (ABX.TO) shed 0.8 percent to C$51.64 and Agnico Eagle (AEM.TO) knocked off almost 2 percent to C$62.66.
 Energy shares were down 0.8 percent as U.S. crude futures slipped under $112 a barrel on prospects of a Libyan cease-fire agreement. [O/R]
 Suncor Energy (SU.TO) was down 0.8 percent at C$44.30 and Canadian Natural Resources (CNQ.TO) lost 1.5 percent to C$56.60.
 Base metal miners were down 0.3 percent as copper pulled back from five-week highs after news of another strong earthquake in Japan. [MET/L]
 “We’re seeing some consolidation mostly on gold stocks, which had a fairly good run,” said Francis Campeau, broker at MF Global Canada in Montreal.
 “There’s a bit of profit-taking  again in the commodities, but I think it’s going to be a very slow day. So far volume is almost anemic.”
 Campeau said the index could turn around later in the day, given that sentiment in U.S. markets was fairly positive. Direction could be driven by the start of U.S. earnings season with Alcoa reporting after the bell. The Bank of Canada will make a policy announcement on Tuesday but is expected to hold rates steady.
 At 10:12 a.m. (1412 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was down 55.94 points, or 0.4 percent, at 14,152.49. Nine of the 10 sectors drifted lower, including financials, which were fairly flat.
 Campeau said technical levels were still favorable, noting that as long as the index stays around the 50-day moving average near 14,000, then the next leg up towards 15,000 could be in play in the near term.
  TimberWest Forest Corp TWF_u.TO soared 22 percent to C$6.62 after the company said it agreed to be bought by two Canadian pension funds for about C$703 million in cash. [ID:nL3E7FB24R]
 ($1=$0.96 Canadian)  (Reporting by Claire Sibonney; editing by Peter Galloway)                                        

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