CANADA STOCKS-TSX lower as energy, materials slide

Fri Nov 19, 2010 10:49am EST

   * TSX down 23.62 points, or 0.18 pct, at 12,846.39
 * Six of the 10 main groups higher
 TORONTO, Nov 19 (Reuters) - Toronto's main stock index fell
on Friday as news that China's central bank was taking steps to
battle inflation weighed on markets.
 The heavily weighted energy and mining issues lead the
decliners, with uranium miner Cameco Corp (CCO.TO) down 1.5
percent at C$35.18 and oil producer Canadian Natural Resources
(CNQ.TO) slipping 0.6 percent to C$39.76.
 At 10:15 a.m. (1515 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was down 23.62 points, or
0.18 percent, at 12,846.39.
 Six of the TSX's 10 main groups were higher, but the
influential energy and materials sectors were both down 0.4
percent.
 "There's two news: what's going on in Ireland and what's
going on in China. To me it's such a dichotomy ... one's
inflating and one's deflating, so we're in the middle," said
Ian Nakamoto, director of research at MacDougall, MacDougall &
MacTier.
 China announced it would raise bank reserve requirements
for the second time in two weeks as it continued its fight to
rein in prices. [ID:nL3E6MJ0N8]
 European sovereign debt worries have been an ongoing
concern in recent weeks and a possible resolution to Ireland's
crisis buoyed markets on Thursday. [ID:nLDE6AI0QG]
 "I don't think either one is that unexpected," said
Nakamoto, noting the market was not dramatically lower and was
also giving back some gains after yesterday's big rally of more
than 200 points.
 Manulife Financial (MFC.TO), which announced a net income
target of C$4 billion for 2015 before markets opened, was the
biggest market mover, falling 2 percent to C$15.38.
 The overall financial group, another index heavyweight, was
up a modest 0.1 percent. [ID:nN19171180]
 ($1=$1.01 Canadian)
 (Reporting by Solarina Ho; editing by Rob Wilson)







































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