CANADA STOCKS-TSX slips as Canadian Natural, energy sector drag

Thu Nov 8, 2012 11:45am EST

* TSX falls 50.38 points, or 0.41 percent, to 12,180.21
    * Canadian Natural Resources falls 3.45 percent
    * Nine out of 10 main subgroups decline

    By John Tilak
    TORONTO, Nov 8 (Reuters) - Canada's main stock index fell on
Thursday, led lower by the energy sector, which was hurt by a
drop in Canadian Natural Resources Ltd after it cut its
output forecast.
    Toronto stocks had a bumpy morning, at one point trading
stronger, with investors sifting through positive U.S. jobs data
on a day when the European Central Bank left interest rates
unchanged. 
    "It's a mixed bag. It's a day when people are trying to
figure out what's going to happen in the United States," said
John Kinsey, a portfolio manager at Caldwell Securities Ltd.
    "Are we going to see more of the same? It's too early to
tell. So it may be a nothing market while it awaits
developments."
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 50.38 points, or 0.41 percent, at 12,180.21.
Nine out of the 10 major subgroups were trading lower.
    The energy and materials subgroups were the biggest
decliners, falling 0.97 percent and 0.94 percent, respectively.
    Shares of Canadian Natural fell 3.45 percent to C$27.94
after the country's biggest independent oil and gas producer
reported a 57 percent fall in quarterly profit and cut its
full-year forecast for crude oil and natural gas liquids output.
It played the biggest role of any single stock in leading the
market lower. 
    Many investors remain concerned about resolving the issue of
the U.S. fiscal cliff - a mix of tax increases and spending cuts
due to extract some $600 billion from the economy starting early
in the new year barring a deal.
    Kinsey said the fiscal cliff was his biggest concern as an
investor.
    "It's awful scary. It has to be dealt with, and dealt with
in an efficient manner," he said.
    The Canadian market's losses were partially offset by gains
in Kinross Gold Corp, up 4.5 percent at C$9.77, and Sun
Life Financial, up 3.20 percent at C$25.15.
    Kinross on Wednesday posted a third-quarter profit that
topped expectations and said it expects to meet the higher end
of its production targets for the year. 
    Sun Life, Canada's No. 3 life insurer, said after markets
closed on Wednesday that it swung back to a third-quarter profit
due to better results from investments.
FILED UNDER:
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