October 13, 2009 / 8:33 PM / in 8 years

CANADA STOCKS-TSX ends lower as banks outweigh commodities

 * TSX ends down 0.2 percent at 11,413.54
 * U.S. downgrade of Goldman Sachs hurts financials
 * Rising commodities prices support oil, materials groups
 (Adds details)
 TORONTO, Oct 13 (Reuters) - Toronto's main stock index fell
slightly on Tuesday as strength in commodity prices was not
enough to offset a drop in banking issues, which, led lower by
Royal Bank of Canada RY.TO, mirrored weakness in U.S.
financial issues.
 Without much Canadian news to influence the market,
investors were discomforted by a downgrade on Goldman Sachs
Group GS.N to "neutral" from "buy". [ID:nBNG167833]
 Financials, which make up about a third of the index's
weighting, fell 1.6 percent, with all five of Canada's biggest
banks and two of its largest insurers among the top 11 most
notable decliners.
 Royal, Canada's biggest bank, topped all decliners, falling
1.5 percent to C$55.13, followed by Toronto-Dominion Bank
TD.TO, down 1.8 percent at C$64.64. Insurer Manulife MFC.TO
lost 2 percent to C$22.08.
 The oil and gas and materials groups, which together
account for more than 40 percent of the index's weighting, were
well supported by a record high gold price and a fourth
straight session of higher oil prices.
 "Oil and gold are not enough to hold the whole index and
financials just slowed things down," said Francis Campeau,
broker at MF Global Canada, in Montreal.
 The S&P/TSX composite index .GSPTSE closed 23.38 points
lower, or 0.2 percent, at 11,413.54.
 ($1=$1.03 Canadian)
 (Reporting by Ka Yan Ng; editing by Peter Galloway)

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