November 19, 2010 / 3:45 PM / 8 years ago

CANADA STOCKS-TSX lower as energy, materials slide

   * TSX down 23.62 points, or 0.18 pct, at 12,846.39
 * Six of the 10 main groups higher
 TORONTO, Nov 19 (Reuters) - Toronto’s main stock index fell on Friday as news that China’s central bank was taking steps to battle inflation weighed on markets.
 The heavily weighted energy and mining issues lead the decliners, with uranium miner Cameco Corp (CCO.TO) down 1.5 percent at C$35.18 and oil producer Canadian Natural Resources (CNQ.TO) slipping 0.6 percent to C$39.76.
 At 10:15 a.m. (1515 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was down 23.62 points, or 0.18 percent, at 12,846.39.
 Six of the TSX’s 10 main groups were higher, but the influential energy and materials sectors were both down 0.4 percent.
 “There’s two news: what’s going on in Ireland and what’s going on in China. To me it’s such a dichotomy ... one’s inflating and one’s deflating, so we’re in the middle,” said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.
 China announced it would raise bank reserve requirements for the second time in two weeks as it continued its fight to rein in prices. [ID:nL3E6MJ0N8]
 European sovereign debt worries have been an ongoing concern in recent weeks and a possible resolution to Ireland’s crisis buoyed markets on Thursday. [ID:nLDE6AI0QG]
 “I don’t think either one is that unexpected,” said Nakamoto, noting the market was not dramatically lower and was also giving back some gains after yesterday’s big rally of more than 200 points.
 Manulife Financial (MFC.TO), which announced a net income target of C$4 billion for 2015 before markets opened, was the biggest market mover, falling 2 percent to C$15.38.
 The overall financial group, another index heavyweight, was up a modest 0.1 percent. [ID:nN19171180]
 ($1=$1.01 Canadian)  (Reporting by Solarina Ho; editing by Rob Wilson)                                        

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