November 22, 2010 / 10:14 PM / 8 years ago

CANADA STOCKS-Financials, energy issues drag TSX lower

   * TSX down 27.32 points, or 0.21 pct, at 12,929.01
 * Seven of the 10 main groups higher
 By Solarina Ho
 TORONTO, Nov 22 (Reuters) - Toronto’s main stock index finished lower on Monday as weakness in heavily weighted energy and financial issues offset gains in most other sectors.
 The financial group was down 0.8 percent, with Royal Bank of Canada (RY.TO) down 0.89 percent at C$54.83 and Bank of Nova Scotia (BNS.TO) down 0.82 at C$54.20.
 Manulife Financial Corp (MFC.TO) shares were off 3.06 percent at C$14.88 after Citigroup downgraded Canada’s largest insurer to “sell”, citing a weak outlook for its U.S. operation and the risk of dilution from further equity issuance. [ID:nSGE6AL0OV] Sun Life Financial (SLF.TO) also fell, slipping 1.17 percent to C$28.62.
 Energy issues slid 0.8 percent, in step with falling oil prices. Crude futures fell against a stronger U.S. dollar and on worries about European sovereign debt levels.
 Canadian Natural Resources (CNQ.TO) fell 1.28 percent to C$38.97 while Suncor Energy (SU.TO) dropped 1 percent to C$34.89. Encana Corp (ECA.TO) was off 1.06 percent at C$28.95.
 The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE finished down 27.32 points, or 0.21 percent, at 12,929.01. Seven of the TSX’s 10 main groups were higher.
 Industrials were also down, falling 0.5 percent.
 The TSX spent most of the day in the red, and a late session rally was not enough to bring it into positive territory again.
 “I think we’re going to see a lot of that this week    ... Markets are going to drift aimlessly,” said Bruce Latimer, a trader at Dundee Securities.
 “It’s off its bottom; there’s just not a lot of commitment out here today on the market. (Investors) also want to see how the Irish situation sorts itself out.”
 Europe’s ongoing debt worries dampened market sentiment and a shortened trading week due to Thursday’s U.S. Thanksgiving holiday kept many investors on the sidelines.
 In Europe, Ireland’s unpopular coalition government began to unravel on Monday, a day after agreeing to a multibillion-euro bailout package, raising doubts it will be able to push through an austerity budget crucial to receiving financial aid. [ID:nLDE6AL00M]
 ($1=$1.02 Canadian)  (Reporting by Solarina Ho; editing by Rob Wilson)                                        

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