February 11, 2011 / 9:44 PM / 8 years ago

CANADA STOCKS-TSX ends lower as oil falls on Mubarak's exit

   * TSX down 73.81 points, or 0.53 pct, at 13,766.76
 * Eight of 10 main groups retreat  (Adds details, comments)
 By Solarina Ho
 TORONTO, Feb 11 (Reuters) - Toronto’s main stock index finished lower on Friday following a choppy session, as oil prices fell on news that Egyptian President Hosni Mubarak had stepped down.
 Oil and gas companies were firmly lower, with Suncor Energy (SU.TO) reversing earlier gains to lead the decline, down 2.14 percent at C$40.25. Canadian Natural Resources (CNQ.TO) fell 2.31 percent to C$43.20.
 Encana Corp (ECA.TO), which rallied more than 4 percent the previous session on news of a C$5.4 billion deal to sell a stake in a shale gas project to PetroChina, gave back 3.09 percent to end the week at C$31.03. [ID:nN1089226]
 The overall energy group, which briefly swung higher early in the day, followed oil prices lower to end down 1.06 percent. Crude prices fell to a 10-week low after the news out of Egypt eased concerns that Middle East supplies could be disrupted by political unrest. [O/R]
 Mubarak’s departure came on Friday morning Toronto time, ending three decades of autocratic rule, as he bowed to growing pressure from the military and mass public protests demanding he resign. [ID:nLDE7192NZ]
 “All of a sudden after the Egyptian problem seemed to be coming toward a conclusion ... the U.S. markets improved and we didn’t and one of the reasons is strong oil prices suddenly turned to weak oil prices,” said Fred Ketchen, director of equity trading at ScotiaMcLeod.
 The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed down 73.81 points, or 0.53 percent, at 13,766.76. The index was little changed on the week, falling less than 0.2 percent.
 Eight of the index’s 10 main sectors were lower.
 The financial group reversed direction from earlier losses, as general investor sentiment lifted on the news from Egypt, eking out a 0.02 percent gain.
 ($1=$0.99 Canadian)  (Reporting by Solarina Ho; editing by Rob Wilson)                                        

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