Log In

Reset Password

TSX on the slide

TORONTO (Reuters) - Toronto's main stock index finished lower yesterday as investors pocketed some profits after six straight days of gains and a weaker gold price weighed on the mining-heavy materials sector.

The materials group dropped 1.18 percent as gold prices slipped on anti-inflation comments by the US Federal Reserve. Goldcorp fell 1.14 percent to C$41.55, while Barrick Gold ended down 0.53 percent at C$39.19.

The S&P/TSX composite index closed down 25.39 points, or 0.24 percent, at 10,515.32 after gaining as much as 57 points early in the day. Five of its 10 main groups were lower.

"Probably some profit-taking, because we had a phenomenal rally in that last couple of weeks," said Lex Kerkovius, senior research analyst at McLean & Partners Wealth Management Ltd. in Calgary.

"The market is playing a big game of tug-of-war at the moment between how far it should run with a possible recovery, and have we come too far too soon."

The TSX was down more than one percent early in the afternoon, but a rebound in oil prices helped lift the energy sector off its lows. The sector ended down 0.43 percent.

Canadian Natural Resources was the biggest heavyweight decliner on the day, falling 4.1 percent to C$62.55. Talisman Energy dropped 1.2 percent to C$16.88, and TransCanada Corp shed 1.1 percent to C$31.

On the earnings front, Toromont Industries said its quarterly profit and revenue dropped from a year earlier, when a one-time gain from investment sales flattered the industrial equipment supplier's results.

But earnings for the latest quarter topped analysts' expectations.

Today, companies due to report results include Suncor Energy Inc., Shoppers Drug Mart, Husky Energy, Teck Resources.