UPDATE 1-CANADA STOCKS-TSX ends sharply lower as resources lead drop from six-year high

Tue Jun 24, 2014 5:08pm EDT

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* TSX index ends down 143.26 points, or 0.95 percent, at
14,962.37
    * Resources lead drop
    * Nine of 10 subgroups lower

 (Adds quotes, details)
    By Cameron French
    TORONTO, June 24 (Reuters) - Canada's main stock index fell
hard from near-record levels on Tuesday as investors nervous
about the pace of the index's recent fast rise pared positions,
particularly in resources stocks.
    Oil and gold prices initially pushed higher, with oil driven
by concerns over fighting in Iraq, but both retreated late in
the session.
    The index hit a six-year intraday high of 15,137.68 just
after the open, which analysts said likely spooked some
investors who have watched the TSX charge ahead 12 percent since
early February. 
    The index's intraday high is 15,154.77, set in June 2008.
    "It's very natural to expect some caution at these elevated
levels. I don't think we're hitting a wall. In the absence of
any new catalysts, the market might be inclined to drift lower,"
said Elvis Picardo, strategist and vice president of research at
Global Securities in Vancouver.
    The Toronto Stock Exchange's S&P/TSX composite index
 ended the session down 143.26 points, or 0.95 percent,
at 14,962.37. Nine of the 10 main sectors on the index fell.
    Shares of energy producers dropped 2.4 percent. While the
conflict in Iraq has buoyed oil prices in recent sessions,
energy stocks have not always moved in kind, as analysts warn
the potential negative impact on global growth of a prolonged
conflict offset the positive impact of the higher prices.
    Suncor Energy fell 3.6 percent to C$44.58, while
Husky Energy dropped 3.7 percent to C$34.55.
    The mining-heavy materials group slid 1.8 percent, with gold
issues leading the way down.
    Yamana Gold retreated 5.7 percent to C$8.77, while
Kinross Gold fell 3.7 percent to C$4.48.

 (Reporting by Cameron French; Editing by James Dalgleish)
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