October 28, 2009 / 8:32 PM / 8 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
 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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