October 25, 2011 / 9:04 PM / 7 years ago

CANADA STOCKS-TSX closes lower on euro zone rescue doubts

   * TSX ends down 52.53 points, or 0.43 pct, at 12,109.75
 * Pulls back from one-month high hit earlier in session
 * Golds lead gains, financials drag
 * European debt crisis uncertainty weighs  (Updates prices, adds details, comments)
 By Jon Cook
 TORONTO, Oct 25 (Reuters) - Toronto’s main stock index ended moderately lower on Tuesday, giving up earlier gains that took it to a one-month high, as pessimism set in over an upcoming European summit.
 World stocks stumbled after the cancellation of a meeting of European finance ministers raised doubts that an upcoming summit will result in a clear plan to rein in Europe’s debt crisis. [MKTS/GLOB]
 “Today’s decline is a natural corollary to the runn-up we’ve had since the first week of October that seemed to have peaked in a big bout of euphoria yesterday,” said Elvis Picardo, strategist and vice president of research at Global Securities in Vancouver.
 The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE ended down 52.53 points, or 0.43 percent, at 12,109.75.
 After being up for most of the day, 8 of the TSX index’s 10 main sectors finished lower, with energy and financials leading the charge.
 Canadian financial shares have frequently moved in sympathy with their European peers, which have see-sawed on developments in the European debt crisis. Toronto-Dominion Bank (TD.TO) was the market’s biggest laggard, falling 1.7 percent to C$73.68.
 Gold miners were among Toronto’s most heavily weighted gainers. Bullion prices roared to one of the biggest one-day rallies in years, as the euro zone jitters and gloomy U.S. consumer data rekindled a dormant safe-haven bid and triggered a flurry of technical buying. [GOL/]
 Barrick Gold Corp (ABX.TO) closed up 3.4 percent at C$48.05. Goldcorp Inc (G.TO) gains 4.1 percent to C$48.34.
 Miner Alacer Gold Corp’s (ASR.TO) shares rose 5.5 percent to C$11.56 a day after the company’s board approved expansion of its South Kalgoorlie gold operations in Australia.
 Meanwhile, Potash Corp POT.TO shares fell 2.5 percent to C$49.21 on news its competitor, Russian miner Uralkali (URKA.MM), announced plans to boost capacity 80 percent by 2021.
 On the Canadian earnings front, Canadian Pacific Railway (CP.TO) slipped 0.5 percent to C$59.52 after the country’s No. 2 railway reported a lower third-quarter profit as fuel costs rose 43 percent. [ID:nL3E7LP223]
 In other news, the Bank of Canada held its key interest rate steady, dropping any mention of the need to raise rates as it slashed its growth and inflation projections. [ID:nN1E79O0F9]
 ($1=$1.01 Canadian)  (Editing by Jeffrey Hodgson)                 

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