(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
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 74.22 points, or 0.51 percent, to unofficially close at 14,533.77. (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
By Joe Bavier
KINSHASA, May 9 (Reuters) - Democratic Republic of Congo's opposition blasted a $9 billion loan and investment package with China as "incoherent and unbalanced" on Friday and called for its renegotiation and an international tender.
China signed the deal with the war-ravaged central African nation in January as part of a continent-wide investment push that has sparked tensions with former colonial masters and international donors.
The contract, presented to the government-controlled parliament on Friday, gives the Chinese mining rights to millions of tonnes of copper and cobalt in exchange for investment to rehabilitate crumbling mining infrastructure.
"It is incoherent, unbalanced ... and forces us to sell off our national heritage to the detriment of several generations," said Jean-Lucien Mbusa, a leading member of the largest opposition party, the Movement for the Liberation of Congo.
"It cannot therefore be accepted in its current state without being entirely reviewed and submitted to international competition," he said in a speech in parliament.
Cash-strapped Congo is struggling to recover from decades of dictatorship under former ruler Mobutu Sese Seko and a 1998-2003 war that left much of the country's infrastructure in ruins.
Congo's Infrastructure Minister Pierre Lumbi, in a speech to MP's publicly unveiling the details the agreement for the first time, called it a "vast Marshall Plan for the reconstruction of our country's basic infrastructure."
Under the terms of the deal, some aspects of which had previously been announced by various Congolese government officials, China promised $3.25 billion to revitalise the country's potentially lucrative mining sector.
Another $6 billion will go towards building more than 6,500 km (4,000 miles) of paved roads and railways, two hydro-electric dams, and the rehabilitation of two airports.
The opposition criticised large tax breaks for Chinese companies as well as risks the massive loan could further indebt the cash-strapped former Belgian colony.
Congo is seeking to qualify for debt relief as a Highly Indebted Poor Country (HIPC) under World Bank and International Monetary Fund initiatives (IMF). The IMF last year warned Congo of the possible macroeconomic effects of the loan.
MP's also denounced the decision to cede to Chinese companies mining rights to over 10 million tonnes of copper reserves and around 600,000 tonnes of cobalt, which they say makes the deal heavily lopsided in favour of China.
"The result of simple arithmetic makes the Congolese contribution at least $87 billion," Mbusa said.
The Asian giant has been investing billions of dollars in energy, mining, and infrastructure from Algeria to Angola.
If disbursed, the deal with Congo, which aims to help satisfy China's ever-growing appetite for resources to fuel its rapidly growing economy, will be one of its biggest financial commitments on the African continent. (For full Reuters Africa coverage and to have your say on the top issues, visit: http://africa.reuters.com/ ) (Editing by Daniel Flynn and Peter Blackburn) ((daniel.flynn@thomsonreuters.com; +221 864 5076; Reuters messaging: daniel.flynn.reuters.com@reuters.net))
Keywords: CONGO DEMOCRATIC/CHINA
Next: UPDATE 6-Soft demand drags metals lower, tin at new peak