December 17, 2009 / 4:03 PM / in 8 years

CANADA STOCKS-TSX falls as commodity prices drop

 * TSX down 1.04 percent at 11,515.99
 * Gold down 2 percent; oil price falls
 * U.S. dollar hits three-month high  (Adds details, comments)
 By Irene Kuan
 TORONTO, Dec 17 (Reuters) - Toronto’s main stock index fell more than 1 percent on Thursday morning as the U.S. dollar soared to a three-month high against the euro, hurting commodity prices, and weighing on the index’s materials and energy sectors.
 Shares of fertilizer producer Potash Corp (POT.TO) fell 2.6 percent to C$122.30, while gold-mining giant Barrick Gold (ABX.TO) was down 2 percent at C$41.40. Suncor Energy (SU.TO) fell 1 percent to C$37.49.
 “The weakness in the commodities is just a reflective of that fear that the (U.S.) recovery may be impinged by rising debt levels,” said Michael Sprung, president at Sprung & Co. Investment Counsel.
 Gold prices fell more than 2 percent in Europe, pressured by the U.S. dollar’s strength, while oil prices fell towards $72 a barrel. [GOL/] [O/R]. The U.S. dollar was higher a day after the U.S. Federal Reserve highlighted improvement in the U.S. economy. [FRX/]
 At 10:20 a.m. (1520 GMT), the S&P/TSX composite index .GSPTSE was down 121.05 points, or 1.04 percent, at 11,515.99.
 ($1=$1.07 Canadian)  (Editing by Peter Galloway)                                      

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