November 4, 2011 / 9:00 PM / in 6 years

CANADA STOCKS-TSX ends week down on Greek vote, weak jobs data

 * TSX falls 60.1 pts, or 0.5 pct, at 12,408.25
 * Canadian jobs data unexpectedly weak; U.S. data mixed
 * Financials down more than 1 pct
 * Greek confidence vote looms
 (Adds details, analyst's comment)
 By Jon Cook
 TORONTO, Nov 4 (Reuters) - Canadian stocks turned lower on
Friday following two days of gains, as Greece's unstable
political climate and weak North American jobs data hurt
investor confidence.
 As the weekend approach, markets were focused on the fate
of Greek Prime Minister George Papandreou ahead of a vote of
confidence Friday night, which would have repercussions on a
euro zone bailout package that was ratified last week.
 Adding to investor worries, German Chancellor Angela Merkel
said few countries in the Group of 20 leading economies had
committed to a euro zone bailout fund. [MKTS/GLOB]
 The uncertainty had investors "locking in profits before
the weekend," said Paul Mesburis, portfolio manager at Excel
Funds Management.
 Unexpected job losses also threw the Canadian market a
curve, as the economy, forecast to add jobs after a strong
September, lost 54,000 jobs in October, according to a
Statistics Canada report. [ID:nN1E7A30MF]
 "Given the kind of optimism that we have preached around
here for a while about the state of the economy of Canada some
people might be a little bit surprised by those numbers," said
Fred Ketchen, director of equity trading at ScotiaMcLeod.
 U.S. jobs data was mixed. U.S. employers hired fewer
workers in October but the jobless rate fell to a six-month low
and job gains in the prior two months were stronger than
previously thought, pointing to some improvement in the
still-weak labor market. [ID:nN1E7A21ET]
 The decline offset early market optimism after Greek
Finance Minister Evangelos Venizelos promised to drop a
contentious referendum plan on the debt-riddled country's euro
zone rescue fund, in the face of intense pressure from European
leaders. [ID:nA8E7K1026]
 Speculation of the move had sent markets soaring on
Thursday, as the TSX jumped nearly 2 percent, reversing most of
the losses from earlier in the week.
 "Today that level of confidence is knocked back by a notch
or two," said Ketchen.
 The Canadian financials sector led the market down, falling
1.4 percent. Royal Bank of Canada RY.TO was the biggest
loser, dropping 2.4 percent to C$45.85.
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE ended down 60.1 points, or 0.5 pct, at 12,408.25,
clawing back some losses in the afternoon after hitting a
session low of 12,308.21.
 For the week, the TSX was down less than 1 percent despite
huge daily swings.
 Five of the index's top main sectors were negative, with
energy stocks falling 0.6 percent.
 After gaining more than 9 percent the previous session,
Canadian Natural Resources CNQ.TO was down 1.3 percent to
 The heavily weighted materials sector rallied late to
finish up 0.2 percent, driven by Potash Corp POT.TO, which
rose 1.5 percent to C$48.89.
 A day after its stock hit a seven-year low, BlackBerry
maker Research In Motion's RIM.TO shares rose 1.5 percent to
C$19.31, helping to lead the Canadian information technology
sector up 0.4 percent.
 (Editing by Jeffrey Hodgson)

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