By Claire Sibonney
TORONTO, March 4 (Reuters) - Toronto's main stock index closed moderately lower on Thursday as resource shares fell on weaker oil and metal prices, offsetting gains in financials after Toronto-Dominion Bank reported a profit surge.
Shares of TD, Canada's second-largest bank, spiked almost 2 percent to C$69.71 after it reported revenue rose to a record high. After a series of upside surprises from every Canadian bank reporting so far except Royal Bank of Canada, TD's results were enough for investors to bet the sector had put the financial crisis behind it.
'With banks generally beating expectations quite easily, those stocks are all up today, helping to offset the losses in commodities,' said Jennifer Radman, vice president and associate portfolio manager at Caldwell Investments.
The Toronto Stock Exchange's S&P/TSX composite index closed down 27.88 points, or 0.24 percent, at 11,824.97.
Among the heavyweight decliners, material issues were hit by sliding bullion and copper prices, with Barrick Gold , the world's biggest gold producer, down 1.2 percent at C$40.94, and Goldcorp losing 1.9 percent at C$40.66.
Miner Teck Resources dropped 1.7 percent to C$40.47, while First Quantum Minerals fell 2.6 percent at C$80.38.
Most energy shares retreated after oil slumped nearly 1 percent, among them Talisman Energy, which lost 1.4 percent at C$19.03.
Radman said investor confidence is improving despite Thursday's fall on the Toronto market.
'We're not hearing much talk about a double-dip (recession) anymore whereas that was the case a few months back, so I think all that helps to make the mood in the market generally more positive,' she said.
Investors were unfazed by the federal Conservative government's stay-the-course budget, which was released after the closing bell.
The government said closing the stimulus tap and cutting spending sharply after the economy recovers will rein in its record budget deficit.
'I doubt it's going to have any big impact tomorrow,' said Elvis Picardo, analyst and strategist at Global Securities in Vancouver. 'It's pretty ho-hum actually. A big yawn.'
($1=$1.03 Canadian)
(Reporting by Claire Sibonney, editing by Peter Galloway) (claire.sibonney@reuters.com; +1 416 941 8142; ReutersMessaging: claire.sibonney.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. 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, March 4 (Reuters) - Toronto's main stock index closed moderately lower on Thursday as resource shares fell on weaker oil and metal prices, offsetting gains in financials after Toronto-Dominion Bank reported a profit surge.
Shares of TD, Canada's second-largest bank, spiked almost 2 percent to C$69.71 after it reported revenue rose to a record high. After a series of upside surprises from every Canadian bank reporting so far except Royal Bank of Canada, TD's results were enough for investors to bet the sector had put the financial crisis behind it.
'With banks generally beating expectations quite easily, those stocks are all up today, helping to offset the losses in commodities,' said Jennifer Radman, vice president and associate portfolio manager at Caldwell Investments.
The Toronto Stock Exchange's S&P/TSX composite index closed down 27.88 points, or 0.24 percent, at 11,824.97.
Among the heavyweight decliners, material issues were hit by sliding bullion and copper prices, with Barrick Gold , the world's biggest gold producer, down 1.2 percent at C$40.94, and Goldcorp losing 1.9 percent at C$40.66.
Miner Teck Resources dropped 1.7 percent to C$40.47, while First Quantum Minerals fell 2.6 percent at C$80.38.
Most energy shares retreated after oil slumped nearly 1 percent, among them Talisman Energy, which lost 1.4 percent at C$19.03.
Radman said investor confidence is improving despite Thursday's fall on the Toronto market.
'We're not hearing much talk about a double-dip (recession) anymore whereas that was the case a few months back, so I think all that helps to make the mood in the market generally more positive,' she said.
Investors were unfazed by the federal Conservative government's stay-the-course budget, which was released after the closing bell.
The government said closing the stimulus tap and cutting spending sharply after the economy recovers will rein in its record budget deficit.
'I doubt it's going to have any big impact tomorrow,' said Elvis Picardo, analyst and strategist at Global Securities in Vancouver. 'It's pretty ho-hum actually. A big yawn.'
($1=$1.03 Canadian)
(Reporting by Claire Sibonney, editing by Peter Galloway) (claire.sibonney@reuters.com; +1 416 941 8142; ReutersMessaging: claire.sibonney.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. 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.