November 26, 2010 / 10:34 PM / 8 years ago

CANADA STOCKS-TSX weighed down by resources, financials

   * TSX down 53.10 points, or 0.41 pct. at 12,892.71
 * Six of the 10 main groups end lower
 * Index down 0.49 percent for the week
 By Solarina Ho
 TORONTO, Nov 26 (Reuters) - Toronto’s main stock index finished lower on Friday as the influential energy and mining sectors were dragged lower by soft commodity prices, which fell on worries over euro zone debt.
 Suncor Energy (SU.TO) fell 1.13 percent to C$34.16 and was the biggest market mover, leading the energy group down 0.83 percent as oil prices inched lower [ID:nN26126121]. Canadian Natural Resources (CNQ.TO) sank 1.07 percent to C$39.60.
 Slumping gold prices helped drag down the broader materials group by 0.44 percent. Gold fell 1 percent in thin trading as risk-averse markets looked to the security of the U.S. dollar, sending the greenback to two-month highs. [GOL/] Barrick Gold (ABX.TO) eased 0.27 percent to C$51.85.
 “The golds are also in a profit-taking mode,” said John Ing, president of Maison Placements Canada.
 The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed down 53.10 points, or 0.41 percent, at 12,892.71. The TSX was down 0.49 percent on the week.
 Six of the index 10 main groups finished lower on Friday.
 Financial issues, another index powerhouse, fell 0.3 percent, weighed down by the big banks. Toronto-Dominion Bank (TD.TO) was off 0.66 percent at C$74.81. Royal Bank of Canada (RY.TO) was down 0.52 percent at C$55.00.
 Markets were rattled by worries over European sovereign debt levels and the possibility of further big bailouts, and by military tensions between North and South Korea.
 Market speculation worried that Portugal could follow in the steps of Ireland and have to seek a European bailout, and that sovereign debt problems could also spread to Spain. [ID:nLDE6AP08Y]
 “It’s a chronic problem and it’s a contagion, and we’re watching it unwind. The skirmish between the Koreas is another problem,” said Ing.
 Korean tensions remained high days after North Korea shelled a South Korean island and ahead of military exercises in the region by South Korea and the United States. [ID:nL3E6MQ058]
 In individual company news, C&C Energia CZE.TO, which said it suspended some production in Colombia due to protests and road blockades, was down 1.91 percent at C$10.25.    [ID:nN26105833]
 Markets were very quiet on Friday following Thursday’s U.S. Thanksgiving holiday and with Wall Street closing up shop early, at 1 p.m. EST (1800 GMT).
 “Markets tend to get very thin around American Thanksgiving and then, as you get into December, you get the start of the Santa Claus rally just because most people have taken their tax losses for the year and the least path of resistance is up,” noted Irwin Michael, a portfolio manager at ABC Funds.
 ($1=$1.02 Canadian)  (Editing by Rob Wilson)                                        

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