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. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
