By Solarina Ho
TORONTO, Nov 22 (Reuters) - Toronto's main stock index finished lower on Monday as weakness in heavily weighted energy and financial issues offset gains in most other sectors.
The financial group was down 0.8 percent, with Royal Bank of Canada down 0.89 percent at C$54.83. Bank of Nova Scotia, which agreed to buy the 82 percent of DundeeWealth it does not already own for C$2.3 billion, was down 0.82 at C$54.20.
Manulife Financial Corp shares were off 3.06 percent at C$14.88 after Citigroup downgraded Canada's largest insurer to 'sell', citing a weak outlook for its U.S. operation and the risk of dilution from further equity issuance. Sun Life Financial also fell, slipping 1.17 percent to C$28.62.
Energy issues slid 0.8 percent, in step with falling oil prices. Crude futures fell against a stronger U.S. dollar and on worries about European sovereign debt levels.
Canadian Natural Resources fell 1.28 percent to C$38.97 while Suncor Energy dropped 1 percent to C$34.89. Encana Corp was off 1.06 percent at C$28.95.
The Toronto Stock Exchange's S&P/TSX composite index finished down 27.32 points, or 0.21 percent, at 12,929.01. Seven of the TSX's 10 main groups were higher.
Industrials were also down, falling 0.5 percent.
Higher gold prices helped lift the materials group, home to miners, by 0.68 percent. Barrick Gold rose 0.73 percent to C$51.08, while Kinross Gold climbed 1.1 percent to C$18.43.
Shares of junior miner Potash One jumped 25.14 percent to C$4.53 on news that German fertilizer producer K+S AG was buying it for C$434 million.
The TSX spent most of the day in the red, and a late session rally was not enough to bring it into positive territory again.
'I think we're going to see a lot of that this week ... Markets are going to drift aimlessly,' said Bruce Latimer, a trader at Dundee Securities.
'It's off its bottom; there's just not a lot of commitment out here today on the market. (Investors) also want to see how the Irish situation sorts itself out.'
Europe's ongoing debt worries dampened market sentiment and a shortened trading week due to Thursday's U.S. Thanksgiving holiday kept many investors on the sidelines.
In Europe, Ireland's unpopular coalition government began to unravel on Monday, a day after agreeing to a multibillion-euro bailout package, raising doubts it will be able to push through an austerity budget crucial to receiving financial aid.
In individual company news, Lululemon Athletica jumped to its higher close ever, up 5 percent at C$54.00, after Oprah Winfrey touted its yoga wear on her television show.
Technology licensing firm Wi-Lan Inc, which said it launched a patent infringement lawsuit against a number of U.S. companies including Comcast Corp and Time Warner Cable Inc, was down 1.31 percent at C$4.53.
($1=$1.02 Canadian)
(Reporting by Solarina Ho; editing by Rob Wilson) ============================================================== FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS: TSX market report........................................ Canadian dollar and bonds report................... Top News: Canada .................................... Today in Canada..................................... Canada earnings schedule............................. Canadian company news ................................ Reuters global stocks poll (Canada)................ FOR CANADIAN MARKETS DATA, CLICK ON CODES IN BRACKETS: Canadian Equities speed guide...................... S&P/TSX Composite index ............................. S&P/TSE Venture composite index ..................... TSX most active....................................... Venture Exchange most active........................... Top TSX pct gainers................................... Top TSX pct losers.................................... S&P/TSX 60 index ..................................... 52 week highs: TSX............... Venture.............. 52 week lows: TSX............... Venture.............. Canadian dollar quote..................... FOR MAIN GLOBAL MARKET DATA AND MARKET REPORTS: FTSE EUROTOP 300 ..... EUROPEAN REPORT ....... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt market stories CAC-40................. Paris market stories... World Indices..................................... Global markets report............................ Foreign exchange...................................... Oil.................................................... US Treasuries.......................................... International bonds................................... Gold....................................... or CRB index of commodity futures........................ Keywords: MARKETS CANADA/STOCKS (solarina.ho@thomsonreuters.com;+1 416 941 8067; Reuters Messaging: solarina.ho.thomsonreuters.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, Nov 22 (Reuters) - Toronto's main stock index finished lower on Monday as weakness in heavily weighted energy and financial issues offset gains in most other sectors.
The financial group was down 0.8 percent, with Royal Bank of Canada down 0.89 percent at C$54.83. Bank of Nova Scotia, which agreed to buy the 82 percent of DundeeWealth it does not already own for C$2.3 billion, was down 0.82 at C$54.20.
Manulife Financial Corp shares were off 3.06 percent at C$14.88 after Citigroup downgraded Canada's largest insurer to 'sell', citing a weak outlook for its U.S. operation and the risk of dilution from further equity issuance. Sun Life Financial also fell, slipping 1.17 percent to C$28.62.
Energy issues slid 0.8 percent, in step with falling oil prices. Crude futures fell against a stronger U.S. dollar and on worries about European sovereign debt levels.
Canadian Natural Resources fell 1.28 percent to C$38.97 while Suncor Energy dropped 1 percent to C$34.89. Encana Corp was off 1.06 percent at C$28.95.
The Toronto Stock Exchange's S&P/TSX composite index finished down 27.32 points, or 0.21 percent, at 12,929.01. Seven of the TSX's 10 main groups were higher.
Industrials were also down, falling 0.5 percent.
Higher gold prices helped lift the materials group, home to miners, by 0.68 percent. Barrick Gold rose 0.73 percent to C$51.08, while Kinross Gold climbed 1.1 percent to C$18.43.
Shares of junior miner Potash One jumped 25.14 percent to C$4.53 on news that German fertilizer producer K+S AG was buying it for C$434 million.
The TSX spent most of the day in the red, and a late session rally was not enough to bring it into positive territory again.
'I think we're going to see a lot of that this week ... Markets are going to drift aimlessly,' said Bruce Latimer, a trader at Dundee Securities.
'It's off its bottom; there's just not a lot of commitment out here today on the market. (Investors) also want to see how the Irish situation sorts itself out.'
Europe's ongoing debt worries dampened market sentiment and a shortened trading week due to Thursday's U.S. Thanksgiving holiday kept many investors on the sidelines.
In Europe, Ireland's unpopular coalition government began to unravel on Monday, a day after agreeing to a multibillion-euro bailout package, raising doubts it will be able to push through an austerity budget crucial to receiving financial aid.
In individual company news, Lululemon Athletica jumped to its higher close ever, up 5 percent at C$54.00, after Oprah Winfrey touted its yoga wear on her television show.
Technology licensing firm Wi-Lan Inc, which said it launched a patent infringement lawsuit against a number of U.S. companies including Comcast Corp and Time Warner Cable Inc, was down 1.31 percent at C$4.53.
($1=$1.02 Canadian)
(Reporting by Solarina Ho; editing by Rob Wilson) ============================================================== FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS: TSX market report........................................ Canadian dollar and bonds report................... Top News: Canada .................................... Today in Canada..................................... Canada earnings schedule............................. Canadian company news ................................ Reuters global stocks poll (Canada)................ FOR CANADIAN MARKETS DATA, CLICK ON CODES IN BRACKETS: Canadian Equities speed guide...................... S&P/TSX Composite index ............................. S&P/TSE Venture composite index ..................... TSX most active....................................... Venture Exchange most active........................... Top TSX pct gainers................................... Top TSX pct losers.................................... S&P/TSX 60 index ..................................... 52 week highs: TSX............... Venture.............. 52 week lows: TSX............... Venture.............. Canadian dollar quote..................... FOR MAIN GLOBAL MARKET DATA AND MARKET REPORTS: FTSE EUROTOP 300 ..... EUROPEAN REPORT ....... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt market stories CAC-40................. Paris market stories... World Indices..................................... Global markets report............................ Foreign exchange...................................... Oil.................................................... US Treasuries.......................................... International bonds................................... Gold....................................... or CRB index of commodity futures........................ Keywords: MARKETS CANADA/STOCKS (solarina.ho@thomsonreuters.com;+1 416 941 8067; Reuters Messaging: solarina.ho.thomsonreuters.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.