April 28, 2010 / 2:47 PM / 9 years ago

CANADA STOCKS-TSX falls as investors grapple with Greece crisis

* TSX down 0.3 percent at 12,112.33

* Financials, energy lead index

By Claire Sibonney

TORONTO, April 28 (Reuters) - Toronto’s main stock index fell for the second day on Wednesday as investors remained nervous over sovereign risk contagion in the euro zone, but news that Greece will soon receive extra help in servicing its debts helped stem some of the losses.

The day after Athens credit rating was cut to junk, heavily-weighted financial shares continued to slide 0.5 percent.

Royal Bank of Canada (RY.TO), the country’s biggest lender, dropped 0.6 percent to C$61.03, while No. 2 Toronto-Dominion Bank (TD.TO) shaved off 0.5 percent to C$74.98.

“Yesterday was one of the bigger down days we’ve had in the North American markets in quite some time so investors are going to need to digest that and decide exactly where they want to put their money to work over the next few weeks,’ said Bruce Latimer, trader at Dundee Securities.

As well, oil prices struggled to climb towards $83 a barrel, sending the energy sector down 0.1 percent.

Suncor Energy Inc (SU.TO), Canada’s biggest oil producer, lost 0.4 percent to trade at C$33.77, while EnCana Corp (ECA.TO), the country’s biggest producer of natural gas, was off 0.1 percent at C$32.69. [O/R]

Offsetting some of the losses, gold miners edged up 0.1 percent as the safe-haven metal remained firmly supported by fears euro zone sovereign risk is spreading. [GOL/]

Barrick Gold Corp (ABX.TO) shot up 1.4 percent to C$42.01, after the world’s biggest gold producer said its first-quarter profit more than doubled, while Goldcorp Inc (G.TO) lost 0.1 percent to C$41.64 ahead of its earnings report. [ID:nN27154316]

At 10:21 a.m. (1421 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was down 34.41 points, or 0.28 percent, at 12,112.33. Seven of the 10 groups were down.

On Tuesday, the index tumbled as investors bailed out of stocks across all industry groups after credit ratings for Greece and Portugal were slashed.

“It’s a cloud of uncertainty that’s been hanging over the market and if that can sort of be pushed out, it certainly will be positive for the markets,” added Latimer.

In other company news, Canadian Pacific Railway (CP.TO) surged 3.5 percent to C$60.14, after reporting a higher first-quarter profit that topped expectations, citing the stronger economy. [ID:nN28168960]

Toronto Stock Exchange operator TMX Group (X.TO) also jumped 0.7 percent to C$29.47, after posting a first-quarter profit that beat analysts’ estimate by a cent. [ID:nSGE63R0FP]

Rogers Communications (RCIb.TO), which owns Canada’s biggest wireless carrier, dropped 1.5 percent to C$35.10, despite a 23 percent rise in quarterly earnings. [ID:nN28168151]

CGI Group Inc (GIBa.TO), Canada’s biggest computer consulting company, fell 1.2 percent to C$14.77 after it reported revenue fell 4 percent to C$910.4 million, hurt by unfavorable foreign exchange fluctuations. [ID:nN28130961]

$1=$1.01 Canadian Editing by Jeffrey Hodgson

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