(Adds details)
By Wojtek Dabrowski
TORONTO, May 9 (Reuters) - The Toronto Stock Exchange's main index finished in the red on Friday as profit-taking cooled the energy sector even though oil prices hit another record high.
The S&P/TSX composite index <.GSPTSE> dropped 86.80 points, or 0.59 percent, to close at 14,521.19.
"We had such a very good day yesterday and this market is still a very tricky market, so we probably ran into some profit-taking today," said John Kinsey, portfolio manager at Caldwell Securities Ltd. The index rose more than 200 points on Thursday.
Eight of the 10 main subgroups on the benchmark ended lower, including the key energy and materials sectors, which dropped 0.52 percent and 1.83 percent, respectively. Financials inched 0.06 percent lower.
The S&P/TSX 60 index of Canadian large-cap stocks lost 5.99 points, or 0.69 percent, to end at 863.46.
Oil shares fell even though crude jumped to a record high above $126 a barrel, extending its gains on fuel supply concerns and speculator buying.
Canadian Natural Resources Ltd <CNQ.TO> was among the energy companies that fell, losing C$1.85, or 1.9 percent, to C$94.15 a day after it reported a surge in quarterly profit because of rocketing oil prices.
Oil and gas powerhouse EnCana Corp <ECA.TO> fell 96 Canadian cents, or 1.1 percent, to end at C$86.52.
"The stocks are down for a change, they're not following their commodity," Kinsey said.
Gold prices moved higher on the back of oil on Friday -- an increase not reflected in the shares of gold producers such as Barrick Gold <ABX.TO>, which fell C$1.49, or 3.6 percent, to finish at C$39.51.
Among companies reporting results, ACE Aviation Holdings <ACEa.TO>, parent of airline Air Canada <ACa.TO>, posted a first-quarter loss on Friday because of one-time charges and said it would buy back about 42 percent of its stock. Its shares spiked C$1.41, or 7 percent, to C$21.46.
In the United States, the Dow Jones industrial average shed 120.90 points, or 0.94 percent, to close at 12,745.88. There, a dismal set of results from insurance behemoth American International Group <AIG.N> raised doubts that the end of the credit crisis was near. The tech-heavy Nasdaq moved lower by 5.72 points, or 0.23 percent, to 2,445.52.
($1=$1.02 Canadian) (Reporting by Wojtek Dabrowski; editing by Peter Galloway) ((wojtek.dabrowski@reuters.com; +1-416-941-8009; Reuters Messaging: wojtek.dabrowski.reuters.com@reuters.net)) Keywords: MARKETS CANADA STOCKS
(Adds details, comments, updated closing numbers)
By Wojtek Dabrowski
TORONTO, May 9 (Reuters) - The Toronto Stock Exchange's main index finished in the red on Friday as profit-taking cooled the energy sector even though oil prices hit another record high.
The S&P/TSX composite index <.GSPTSE> dropped 86.80 points, or 0.59 percent, to close at 14,521.19.
"We had such a very good day yesterday and this market is still a very tricky market, so we probably ran into some profit-taking today," said John Kinsey, portfolio manager at Caldwell Securities Ltd. The index rose more than 200 points on Thursday.
Eight of the 10 main subgroups on the benchmark ended lower, including the key energy and materials sectors, which dropped 0.52 percent and 1.83 percent, respectively. Financials inched 0.06 percent lower.
Oil shares fell even though crude jumped to a record high above $126 a barrel, extending its gains on fuel supply concerns and speculator buying.
Canadian Natural Resources Ltd <CNQ.TO> was among the energy companies that fell, losing C$1.85, or 1.9 percent, to C$94.15 a day after it reported a surge in quarterly profit because of rocketing oil prices.
Oil and gas powerhouse EnCana Corp <ECA.TO> fell 96 Canadian cents, or 1.1 percent, to end at C$86.52.
"The stocks are down for a change, they're not following their commodity," Kinsey said.
Gold prices moved higher on the back of oil on Friday -- an increase not reflected in the shares of gold producers such as Barrick Gold <ABX.TO>, which fell C$1.49, or 3.6 percent, to finish at C$39.51. ($1=$1.02 Canadian) (Reporting by Wojtek Dabrowski; editing by Peter Galloway) ((wojtek.dabrowski@reuters.com; +1-416-941-8009; Reuters Messaging: wojtek.dabrowski.reuters.com@reuters.net)) Keywords: MARKETS CANADA STOCKS
NEW YORK, May 9 (Reuters) - U.S. copper futures finished sharply lower on Friday, sliding to a nine-day low after a surge in London Metal Exchange and weekly Shanghai Exchange warehouse stocks spooked investors, many of whom had already begun exiting positions this week, traders said.
NOTE: For detailed report, click on [MET/L].
* Copper for July delivery <HGN8> ended with losses of 7.10 cent at $3.7165 a lb on the COMEX metals division of the New York Mercantile Exchange.
* July futures slid to a 9-day low at $3.6775 a lb, leaving support at the May 1 low of $3.6675 a lb intact.
* London Metal Exchange copper warehouse stocks surged 11,150 tonnes on Friday to 121,275 tonnes. COMEX warehouse copper stocks stood even at 10,827 short tons on Thursday.
* Shanghai Futures Exchange copper inventories jumped 10 percent to 51,119 tonnes in the week to Thursday.
* Talk circulated the Shanghai market that South Korean LME warehouses would also soon see around 10,000 tonnes of copper deliveries from China.
* Analysts said much of the material causing the stock surge came from China, and is often followed by additional rises in copper stocks.
* Traders said Chinese buyers have been absent from the market of late.
* Some players were already in the process this week of unwinding long copper positions hastily taken out in Monday's unusual spike up to the $4.2605 a lb record high.
* A breach of July copper's March low at $3.6070 per lb would open up the downside to a much steeper decline.
* COMEX estimated final copper volume at 16,299 lots compared with Thursday's total volume of 14,749 lots.
* Open interest was down 783 lots at 98,360 contracts as of May 8.
* LME copper for delivery in three months <MCU3> finished Friday at $8,100 per tonne, down from $8,300 per tonne on Thursday.
(Reporting by Carole Vaporean; Editing by David Gregorio) ((carole.vaporean@reuters.com; 1-646-223-6044; Reuters Messaging: carole.vaporean.reuters.com@reuters.net; nyc.commods.newsroom@reuters.com))
For the latest news and prices, click on the codes in brackets:
LME overview <RING>
LME Warehouse stocks <LME/STX1>
Spot gold/silver <XAU=><XAG=>
COMEX copper futures <0#HG:>
COMEX metals warehouse stocks <CMWST>-<CMWSV>
N.Y. metals hourly volumes <IZQI>
Vols/open interest <MTXM>
RELATED NEWS AND OTHER TOPICS Precious metals news [GOL] All metals news [MTL] All commodities news [C] Metals diary [MTL/DIARY] Ldn Bullion Mkt Assoc <LBMA01> Foreign exchange rates <FX=S> Keywords: MARKETS COPPER/COMEX
(Updates to mid-morning)
TORONTO, May 9 (Reuters) - The Toronto Stock Exchange's main index fell on Friday, as resource shares were hit by profit-taking after a strong run amid soaring oil prices.
The materials group led the way down, giving up 2.3 percent, while its subindex of gold producers slid 2.8 percent as U.S. gold futures eased.
Goldcorp <G.TO> was off C$1.50, or 3.7 percent, to C$39.20, while fertilizer company Potash Corp of Saskatchewan <POT.TO> was down C$4.34, or 2.1 percent, at C$198.31.
Meanwhile, the energy sector edged down 0.5 percent, as investors locked in gains while the price of oil jumped to another peak above $126 a barrel.
"I think that the two areas on the TSX that have held up nicely are obviously the energy and materials side, and we feel at these levels we just want to see a pullback in them," said Paul Harris, portfolio manager at Avenue Investment Management.
The S&P/TSX composite index <.GSPTSE> was down 42.62 points, or 0.29 percent, at 14,565.37 after bouncing around both sides of the break-even mark after the open. Four of its 10 main sectors were lower.
In the energy group, Suncor Energy <SU.TO> was off C$1.51, or 1.2 percent, to C$124.74, while Imperial Oil <IMO.TO> dipped 92 Canadian cents, or 1.6 percent, to C$58.27.
On the upside, the financial sector added 0.9 percent, with Toronto-Dominion Bank <TD.TO> up 95 Canadian cents, or 1.4 percent, at C$67.75, and Bank of Nova Scotia <BNS.TO> ahead 78 Canadian cents, or 1.6 percent, at C$48.96.
Manitoba Telecom Services <MBT.TO> gained 42 Canadian cents, or 1 percent, to C$41.19 after it reported a higher first-quarter profit. The telecoms group was up 0.5 percent.
Linamar Corp <LNR.TO> jumped C$2.78, or 19.1 percent, to C$17.34 the day after it reported a rise in profit as revenue got a boost from strong growth in Europe and the ramping up of its Asian operations.
A surge of nearly 2 percent in the previous session had put the benchmark in sight of its record high of 14,646.82 that was set last July.
Harris said that while he expects the index to take a breather after its strong gains, it could take another run at the record in coming weeks.
"We feel comfortable that the market's certainly going to do better overall for the year, but I think that a pullback is probably required," said Harris. ($1=$1.01 Canadian) (Reporting by Leah Schnurr; editing by Rob Wilson) ((leah.schnurr@thomsonreuters.com; +1 416 941 8056; Reuters Messaging: leah.schnurr.reuters.net@reuters.com))
Keywords: MARKETS CANADA STOCKS
. Keywords: MARKETS CANADA STOCKS
NEW YORK, May 9 (Reuters) - U.S. copper futures tumbled to a 9-day low on Friday after a huge addition to London Metal Exchange warehouse stocks and a jump in weekly Shanghai Exchange inventories spooked many investors, traders said.
NOTE: For detailed report, click on [MET/L].
* Copper for July delivery <HGN8> slid 8.50 cents, or 2.24 percent, to $3.7025 a lb on the COMEX metals division of the New York Mercantile Exchange.
* July futures slid to a 9-day low at $3.69 a lb, but support at the $3.6675 a lb recent bottom remained intact.
* London Metal Exchange copper warehouse stocks surged 11,150 tonnes on Friday to 121,275 tonnes. COMEX warehouse copper stocks stood even at 10,827 short tons on Thursday.
* Shanghai Futures Exchange copper inventories jumped 10 percent to 51,119 tonnes in the week to Thursday.
* Talk circulated in Shanghai market that South Korean LME warehouses would also soon see around 10,000 tonnes of copper deliveries from China.
* Analysts said much of the material causing the stock surge came from China, and is often followed by more copper.
* Some players were in the process all week of unwinding long copper positions hastily taken out in Monday's unusual spike up to the $4.2605 a lb record high.
* A breach of July's March low at $3.6070 per lb would open up the downside to a much steeper decline. The low hit on May 1 at $3.6675 a lb serves as nearer support.
* COMEX estimated 9 a.m. EDT (1300 GMT) copper volume came to 6,331 lots compared with Wednesday's total volume of 15,066 lots.
* Open interest was down 291 lots at 99,143 contracts as of May 8.
* LME copper for delivery in three months <MCU3> slides to $8,180 per tonne after closing lower at $8,300 per tonne on Thursday.
(Reporting by Carole Vaporean, editing by Matthew Lewis) ((carole.vaporean@reuters.com; + 1 646-223-6044; Reuters Messaging: carole.vaporean.reuters.com@reuters.net; nyc.commods.newsroom@reuters.com))
For the latest news and prices, click on the codes in brackets:
LME overview <RING>
LME Warehouse stocks <LME/STX1>
Spot gold/silver <XAU=><XAG=>
COMEX copper futures <0#HG:>
COMEX metals warehouse stocks <CMWST>-<CMWSV>
N.Y. metals hourly volumes <IZQI>
Vols/open interest <MTXM>
RELATED NEWS AND OTHER TOPICS Precious metals news [GOL] All metals news [MTL] All commodities news [C] Metals diary [MTL/DIARY] Ldn Bullion Mkt Assoc <LBMA01> Foreign exchange rates <FX=S> Keywords: MARKETS COPPER/COMEX
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