October 28, 2009 / 8:32 PM / 9 years ago

CANADA STOCKS-TSX ends at 2-month low as oil shares tumble

 * TSX falls 248.21 points to 10,805.33
 * Fourth straight lower close for TSX
 * Energy companies and gold miners lead pullback  (Adds details, comments and official numbers)
 By Frank Pingue
 TORONTO, Oct 28 (Reuters) - Toronto’s main stock index skidded to its lowest close in nearly two months on Wednesday as a drop in oil prices shook EnCana Corp (ECA.TO) and other energy companies amid anxiety about the strength of economic recovery, while gold miners also weighed.
 Shares of EnCana ended down 4 percent at C$59.74, Suncor Energy (SU.TO) shed 3.2 percent to C$35.82, and Canadian Natural Resources (CNQ.TO) fell 3.6 percent to C$70.50.
 The companies were the three biggest drags on the TSX index.
 The latest slide in the heavily weighted energy sector came as oil prices fell more than 2 percent on worries about demand in the United States, the world’s largest fuel consumer. [O/R]
 Shares of gold miners were also among the key drags on the TSX as the price of bullion hit a three-week low in the face of a stronger U.S. dollar, which makes bullion more expensive for non-U.S. dollar holders.
 Kinross Gold (K.TO) shares fell 4.6 percent to C$19.36, while Barrick Gold (ABX.TO) dropped 3.5 percent to C$37.04.
 The S&P/TSX composite index .GSPTSE fell 248.21 points, or 2.25 percent, to 10,805.33. It was the TSX’s lowest level since Sept. 3, and its fourth straight lower close.
 The index, however, is still up 44 percent from the five-year low in hit in March.
 “We’re seeing significant profit-taking in some of the stocks that have performed extremely well from the March lows,” said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.
 “One reason for that profit-taking is there seems to be increasing nervousness about what the global economy will do once the economic stimulus starts to get taken out.”
  ($1=$1.08 Canadian)  (Editing by Peter Galloway)                                      

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