November 24, 2009 / 10:29 PM / 8 years ago

CANADA STOCKS-TSX drops on commodity weakness, U.S. data

 * TSX falls 0.73 percent to 11,539.630
 * Bank shares mixed after initial rise on BMO’s profit
 * U.S. Q3 GDP revision slightly lower than expected  (Adds details)
 By Ka Yan Ng
 TORONTO, Nov 24 (Reuters) - Toronto’s main stock index fell on Tuesday, pulled lower by weakness in energy and metals producers, and weighed down by data showing a slow economic recovery in the United States.
 Bank stocks ended mixed after an early rise spurred by a 16 percent jump in Bank of Montreal’s (BMO.TO) quarterly profit. All Big Five bank stocks topped the market’s list of risers [ID:nN23263602] in the morning but those gains eroded as the market weighed BMO’s results against U.S. data that showed slower-than-expected growth. [ID:nN24296971]
 “Overall I would have thought it would have had a slightly positive bias today, but from Canada’s point of view, the commodities have been kind of sloppy all day,” said Lex Kerkovius, senior research analyst at McLean & Partners Wealth Management Ltd in Calgary.
 “I think people are just pausing here.”
 The S&P/TSX composite index .GSPTSE finished down 84.39 points, or 0.73 percent, at 11,539.63, after opening higher.
 Royal Bank of Canada (RY.TO) led all heavyweight decliners with a 1.4 percent drop to C$57.37, but Bank of Nova Scotia rose 0.24 percent to C$49.24. Bank of Montreal fell 0.8 percent to C$53.14.
  Mining stocks were a key drag even as the price of gold turned higher, but base metals prices were under pressure. Goldcorp (G.TO) was off 2.2 percent at C$45.84, and Barrick Gold (ABX.TO) was down 1.47 percent to C$45.57. [GOL/] [MET/L]
 Oil and gas producers followed the price of crude lower, but Canadian Natural Resources (CNQ.TO) bucked the trend with a 1.4 percent gain to C$71.95.
 Along with the third-quarter U.S. growth figures, other U.S. data was more upbeat as house prices in September gained for a fifth straight month and an improvement in consumer morale signaled the anemic recovery was intact. [ID:nN24296971]
 “I think it just confirms that we’re in a slow recovery here. It’s good to see a positive but it wasn’t as positive as people were expecting,” said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.
 Shares of Aeterna Zentaris AEZ.TO faded after earlier jumping 16 percent as the biotech company said its uterus cancer treatment met its primary goal in a mid-stage trial. The shares pared gains on doubts about the significance of the data. Aeterna closed up 1.9 percent at C$1.07. [ID:nN24304186]
 Other active issues included Alimentation Couche-Tard (ATDb.TO) and George Weston (WN.TO), both of which reported a lower quarterly profit. [ID:nN24303310] [ID:nN24296821]
 Couche-Tard gained 4.3 percent to C$20.97, while George Weston finished unchanged at C$59.10.
 ($1=$1.06 Canadian)  (Editing by Peter Galloway)  ((kayan.ng@thomsonreuters.com; Reuters Messaging: kayan.ng.reuters.com@reuters.net; 416-941-8109)) ============================================================== FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS: TSX market report..........[.TO] Canadian dollar and bonds report....[CAD/][CA/] Top News: Canada ......[TOP/CAN] Today in Canada.......[CA/DIARY] Canadian company news .. [E-CAN] Reuters global stocks poll (Canada)...EQUITYPOLL5 [EPOLL/CA] FOR CANADIAN MARKETS DATA, CLICK ON CODES IN BRACKETS: Canadian Equities speed guide.......<CA/EQUITY> S&P/TSX Composite index ...............GSPTSE S&P/TSE Venture composite index .......SPCDNX TSX most active..........AV.TO Venture Exchange most active.............AV.V Top TSX pct gainers......PG.TO Top TSX pct losers.......PL.TO S&P/TSX 60 index ........TSE60 52 week highs:
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