November 20, 2009 / 3:29 PM / 9 years ago

CANADA STOCKS-TSX pressured by commodities, profit-taking

 * TSX down 88.76 points at 11,511.54
 * All 10 sectors lower, materials lead retreat  (Adds details, quotes)
 By Irene Kuan
 TORONTO, Nov 20 (Reuters) - Toronto’s main stock index was lower on Friday morning as weaker commodity prices, caused partly by a stronger U.S. dollar, pressured shares of Barrick Gold (ABX.TO) and other resource issues.
 Barrick fell 1.8 percent to C$46.47, while Suncor Energy (SU.TO) dropped 1 percent to C$37.87. Canadian Natural Resources (CNQ.TO) slid 1 percent to C$70.38.
 Oil prices fell below $77 a barrel while gold prices were also weaker. [O/R] [GOL/]
 “The commodities are lower across the board coming in, and we’ve got some profit-taking,” said Bruce Latimer, a trader at Dundee Securities.
  The pullback came after the resource-heavy TSX rose to a 13-month high earlier this week.
 At 10:07 a.m. (1507 GMT), the S&P/TSX composite index .GSPTSE was down 88.76 points, or 0.77 percent, at 11,511.54 with all 10 of its main groups lower.
 The market downturn came after Bank of Canada Governor Mark Carney said on Thursday evening that Canada’s economy performed worse than expected in the third quarter, but was now recovering. He also cautioned that it risks further setbacks due to a strong Canadian dollar. [nN19514256]
 Earlier on Thursday, Finance Minister Jim Flaherty suggested he thought the economy could have stood still in the third quarter.
 ($1=$1.07 Canadian)  (Reporting by Irene Kuan; editing by Rob Wilson)                                      

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