CANADA STOCKS-TSX drops as energy, mining shares falter - News

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CANADA STOCKS-TSX drops as energy, mining shares falter

By: AFX | 12 Nov 2009 | 05:21 PM ET

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By Jennifer Kwan TORONTO, Nov 12 (Reuters) - Toronto's main stock index fell on Thursday as soft oil and gold prices sent shares of heavyweight energy and mining companies lower. EnCana Corp was down 2.4 percent at C$59.25 and Barrick Gold sank 1.8 percent to C$44.25. Canadian Natural Resources fell 1.8 percent to C$69.47. The broader energy and materials sectors dropped 1.4 percent and 1.7 percent respectively, as U.S. oil prices fell to below $77 a barrel, while gold edged off the record high it hit early on Thursday as the U.S. dollar recovered from recent lows. "It's right across the board. The Canadian dollar is a little weaker on the back of the commodity market being a bit weaker, which is on the back of the U.S. dollar being stronger," said Bruce Latimer, a trader at Dundee Securities. Investor sentiment was also slightly bruised by a guarded earnings outlook for the crucial Christmas quarter from retail giant Wal-Mart, casting doubt about the strength of consumer spending in the economic recovery. "It certainly is a bit of a negative edge over the market," said Latimer.

But he added he's seeing "some good volumes in some names," which could mean people are buying on dips. The S&P/TSX composite index finished down 78.99 points, or 0.69 percent, at 11,360.76, with six of its 10 main groups lower. ($1=1.06 Canadian) (Reporting by Jennifer Kwan; editing by Rob Wilson) Keywords: MARKETS CANADA STOCKS (jennifer.kwan@thomsonreuters.com; +1 416 941 8178; Reuters Messaging: jennifer.kwan.reuters.net@reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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