January 27, 2011 / 9:58 PM / in 7 years

CANADA STOCKS-Retreating energy, materials drag TSX lower

   * TSX falls 0.41 percent to 13,410.20
 * Materials, energy hand back some of Wednesday’s gains  (Updates to close)
 TORONTO, Jan 27 (Reuters) - Toronto’s main stock index closed lower on Thursday as easing precious metal and oil prices dragged down the market’s hefty materials and energy sectors.
 Although seven of the index’s 10 main sectors advanced, the energy sector closed down 0.9 percent, while materials shed 1.59 percent.
 Top decliners included Barrick Gold (ABX.TO), down 3.3 percent at C$46.02, while Teck Resources TCKb.TO lost 2.92 percent to C$59.13. Suncor Energy (SU.TO) fell 1.4 percent to C$38.55, and Canadian Natural Resources (CNQ.TO) slipped 1.74 percent to C$41.90.
 The price of gold slid to a three-month on retreating investor appetite for the precious metal and on growing expectations for rising interest rates, which would ultimately make bullion a less attractive investment. Silver prices also declined.[ID:nLDE70Q148] [GOL/]
 U.S. crude oil futures fell nearly 2 percent on pressure from a rise in U.S. jobless claims, Kuwaiti and International Energy Agency remarks about more output from OPEC, and on technical selling. [ID:nL3E7CR07M] [O/R]
 The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE fell 55.55 points, or 0.41 percent, to end at 13,410.20.
 “There’s a little bit of volatility in the commodities in general. Most of the commodity producers have had quite a large run and are consolidating those gains, and figuring out where to go from here,” said Youssef Zohny, associate portfolio manager, at Van Arbor Asset Management.
 “We’re seeing a little bit of profit-taking as well.”
 In Wednesday’s session, the resources were the key groups that carried the index to a gain of more than 200 points and a one-week high.  (Reporting by Ka Yan Ng; editing by Rob Wilson)                                        

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