TSX Falls From 17-Month High As Golds Weigh
January 24, 2013 3:53 PM EST
Canada's main stock index ended lower on Wednesday after briefly touching a 17-month high as a weak bullion price and a disappointing production report from miner Iamgold Corp pulled gold-mining stocks lower.
Iamgold dropped 14.6 percent to C$9.22 after the gold miner projected higher operating costs and said 2012 output came in below its forecast.
The golds helped pull the TSX materials sector down 1.21 percent, one of five of the 10 index subgroups to decline during the session, but the only one to change by more than 1 percent.
All told, S&P/TSX composite index .GSPTSE fell 30.58 points, or 0.24 percent, to close at 12,794.05.
The index has been running steadily higher since mid November and briefly touched a 17-month high of 12,828.93 on Wednesday before retreating.
Stronger economic signals from Europe, expectations of robust corporate profits and steady commodity prices are all reason to expect the index can continue to rise, said Barry Schwartz, vice president and portfolio manager at Baskin Financial Services.
"The elements are in place for stock markets to be significantly higher," he said. "Whether or not people want to pay up for those stocks is another story."
Also weighing on the market were financial shares, which slid 0.19 percent, giving up some of their recent gains. They were led lower by Royal Bank of Canada, which slipped 0.5 percent to C$61.44, and Toronto-Dominion Bank, which eased 0.4 percent to C$83.15.
The tiny health care sector advanced 0.5 percent, while telecoms gained 0.28 percent.
One of the strongest gainers was grocer Metro Inc, which rose 3.3 percent to C$64.79 after it said late on Tuesday it would sell nearly half of its stake in convenience store operator Alimentation Couche-Tard Inc. for C$479 million.
Most Popular Slideshows
- Kate Middleton Suffocated in Kensington Palace, Queen Elizabeth Reported War With The Duchess [PHOTOS]
- Brad Pitt Still in Love with Ex-Wife Jennifer Aniston, Staying with Angelina Jolie for Sake of Kids, Claims Brad's Psychic
- British Style Icon Kate Middleton Fashion Talk With Camilla Parker-Bowles Daughter-In-Law [PHOTOS]
- Transfer News: Manchester United's Possible Transfer Options For This Season
Join the Conversation
- James Foley Beheading Video Has Play-Acting Portions – Video Experts Say
- Apple iPhone 6 Release Date, iPhone 6C or 6L Anticipation: Three Things Should Matter To New Phone Shoppers
- Upcoming Sony Xperia Z3 With Dual-SIM Support Gets Approved In China; Full Specifications Revealed; Amber-Coloured Xperia Z3 Tipped
- More Nexus 8/Nexus 9 Release Confirmed with More Leaks and Out of Stock Nexus 7 and 10
- James Foley: Release of Beheading Video by ISIS Meant to Attract More Recruits to Join the Cause – Intelligence
- 2015 Ford Mustang: Right-Hand Drive Pony Car To Be Available In Australia Next Year
- James Foley: ISIS Demanded Multimillion Ransom, US Refused To Pay---Reports