May 24, 2011 / 9:34 PM / 7 years ago

CANADA STOCKS-TSX ends lower as financials, industrials sag

   * TSX ends down 0.42 percent at 13,595.12
 * Financials down as Greek debt woes weigh
 * Materials up 1 pct as golds strengthen
 By Julie Gordon
 TORONTO, May 24 (Reuters) - Toronto's main stock index fell
on Tuesday as concern about Europe's debt crisis weighed on
financial and industrial issues, while soft economic data out
of the United States also hurt sentiment.
 The financial sector, down nearly 1 percent, played the
biggest role in leading the market lower.
 Major decliners included Manulife Financial MFC.TO, down
2.86 percent at C$17.01. Sun Life Financial SLF.TO slipped
2.08 percent to C$29.60, while Bank of Montreal BMO.TO was
down 1.08 percent at C$61.50.
 "The European debt crisis continues to pop its head up, and
that's putting a lot of pressure on financials," said Van Arbor
Asset Management portfolio manager Youssef Zohny.
 "Any potential for restructuring or default is potentially
balance sheet negative for many financials."
 Europe's policy options for averting a Greek default are
narrowing fast after the European Central Bank and ratings
agencies warned against voluntary debt rescheduling.
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE closed down 57.15 points, or 0.42 percent, at
 Industrial issues, including transportation and
manufacturers, also weighed, following the release of negative
manufacturing data out of the United States. [ID:nN24237107]
 "We've seen a few economic reports out of the U.S. indicate
a bit of a slowdown in manufacturing, nothing too dramatic, but
definitely pointing to potentially a pause in the growth
cycle," said Zohny.
 Bombardier BBDb.TO slipped 2.38 percent to C$6.55.
 Canadian National Railway CNR.TO shares slid 2.58 percent
to C$78.11. The railway said on Tuesday that flooding caused a
temporary closure at a coal dock near New Orleans, delaying
shipments headed for Britain. [ID:nWEN3577]
 Helping offset the decline in the TSX was a 1 percent rise
in heavily weighted materials issues, which were boosted by
stronger gold miners.
 Barrick Gold Corp ABX.TO, rose 2.82 percent to C$45.63
and played the biggest role of any single company in keeping
the index from falling further. Goldcorp G.TO advanced 1.9
percent to C$48.39.
 Gold rose to its highest price in about three weeks, as
concerns about a spreading EU debt crisis fueled safe-haven
buying. [GOL/] [ID:nLDE74N13G]
 "It's up around $1,525, and that's up almost $10 on the
day, so that move in itself is probably enough to account for
the increase in the equities." said Paul Burchell, an analyst
with Dundee Securities.
 (With additional writing by Jeffrey Hodgson; editing by Rob

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below