CANADA STOCKS-TSX slips as energy sector, Canadian Natural weigh

Fri Nov 9, 2012 1:12am IST

Related Topics

Stocks

   

* TSX falls 52.58 points, or 0.43 percent, to 12,178.01
    * Canadian Natural drops 3.7 percent
    * Index hits more than two-week low
    * Eight of ten subgroups decline

    By John Tilak
    TORONTO, Nov 8 (Reuters) - Canada's main stock index fell on
Thursday, led lower by the energy sector, which was hurt by a
drop in Canadian Natural Resources Ltd after it cut its
output forecast.
    Toronto stocks traded stronger at one point in a bumpy
session with investors sifting through positive U.S. jobs data
and as the European Central Bank left interest rates unchanged.
 
    Many investors remain concerned about resolving the issue of
the U.S. "fiscal cliff" - a mix of tax increases and spending
cuts due to extract some $600 billion from the economy starting
early in the new year barring a deal on Capitol Hill.
    "We have a gridlock. The market is saying, 'Show us
something. Show us that you can resolve the problems that are
out there,'" said Levente Mady, senior portfolio manager at PI
Financial Corp.
    In mid-afternoon trading, the Toronto Stock Exchange's
S&P/TSX composite index was down 52.58 points, or 0.43
percent, at 12,178.01. The index hit its lowest level in more
than two weeks, at one point touching 12,164.11.
    Eight of the index's 10 main subgroups were trading lower.
    The energy and financial subgroups helped lead the decline,
falling 1.18 percent and 0.61 percent, respectively.
    Shares of Canadian Natural fell 3.7 percent to C$27.88 after
the country's biggest independent oil and gas producer reported
a 57 percent fall in quarterly profit and cut its full-year
forecast for crude oil and natural gas liquids output. It played
the biggest role of any single stock in leading the market
lower. 
    Some of Canada's major banks were also dragging the index
downward. Royal Bank of Canada, the country's biggest
bank, fell 1.01 percent to C$55.76, Bank of Nova Scotia
, was down 0.76 percent at C$53.42 and Toronto Dominion
Bank last 0.75 percent to trade at C$80.41.
    "If things are not worked out, the financials are going to
be bearing the brunt. It is a very risky part of the market,"
Mady added.
    The Canadian market's losses were partially offset by gains
in Kinross Gold Corp, up 7.17 percent at C$10.01, and Sun
Life Financial, up 3.53 percent at C$25.23.
    Kinross on Wednesday posted a third-quarter profit that
topped expectations and said it expects to meet the higher end
of its production targets for the year. 
    Sun Life, Canada's No. 3 life insurer, said after markets
closed on Wednesday that it swung back to a third-quarter profit
due to better results from investments.    
    Gold miners made gains as prices for gold surged in a
volatile session. Barrick Gold Corp was last
trading up 1.16 percent at C$36.57 and Goldcorp Inc rose
0.92 percent to C$44.92.
FILED UNDER:

Reforms Push

REUTERS SHOWCASE

Reuters Exclusive

Reuters Exclusive

India looks to sway Americans with nuclear power insurance plan  Full Article 

To Boost Growth

To Boost Growth

Crank up public spending to revive growth - chief economic adviser.   Full Article 

Bold Steps

Bold Steps

SpiceJet rescue plan marks bold bet on Indian aviation recovery.   Full Article 

New Airline

New Airline

Tata, Singapore Air venture Vistara to take off on Jan 9.  Full Article 

Online Sales

Online Sales

Knock knock. Who's there? Amazon's best-selling holiday author.  Full Article 

26/11 Plotter

26/11 Plotter

Pakistan to challenge bail for Mumbai attack "mastermind".  Full Article 

Chinese Economy

Chinese Economy

China revises up size of 2013 economy, sees no effect on 2014 growth.  Full Article 

Reuters Poll

Reuters Poll

BSE Sensex to hit 32,980 by December 2015  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage