November 12, 2009 / 10:10 PM / 9 years ago

CANADA STOCKS-TSX drops as energy, mining shares falter

* TSX ends down 0.69 percent at 11,360.76

* Oil prices fall below $77 a barrel, gold retreats

* Guarded Wal-Mart outlook adds to investor concerns (Updates to close, adds quote)

By Jennifer Kwan

TORONTO, Nov 12 (Reuters) - Toronto’s main stock index fell on Thursday as soft oil and gold prices sent shares of heavyweight energy and mining companies lower.

EnCana Corp (ECA.TO) was down 2.4 percent at C$59.25 and Barrick Gold (ABX.TO) sank 1.8 percent to C$44.25. Canadian Natural Resources (CNQ.TO) fell 1.8 percent to C$69.47.

The broader energy and materials sectors dropped 1.4 percent and 1.7 percent respectively, as U.S. oil prices CLc1 fell to below $77 a barrel, while gold edged off the record high it hit early on Thursday as the U.S. dollar recovered from recent lows. [O/R][GOL/]

“It’s right across the board. The Canadian dollar is a little weaker on the back of the commodity market being a bit weaker, which is on the back of the U.S. dollar being stronger,” said Bruce Latimer, a trader at Dundee Securities.

Investor sentiment was also slightly bruised by a guarded earnings outlook for the crucial Christmas quarter from retail giant Wal-Mart (WMT.N), casting doubt about the strength of consumer spending in the economic recovery. [ID:nN12404234]

“It certainly is a bit of a negative edge over the market,” said Latimer. But he added he’s seeing “some good volumes in some names,” which could mean people are buying on dips.

The S&P/TSX composite index .GSPTSE finished down 78.99 points, or 0.69 percent, at 11,360.76, with six of its 10 main groups lower.

$1=1.06 Canadian Reporting by Jennifer Kwan; editing by Rob Wilson

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