TSX lower as commodity prices fall CANADA STOCKS

TSX lower as commodity prices fall CANADA STOCKS ; TORONTO, Toronto's main stock index was dragged lower by weaker commodity prices on Thursday, with gold falling through a key technical level, as mixed U.S. data kept investors cautious about economic recovery. Key movers on the downside included Barrick Gold (ABX.TO), down 1.6 percent at C$51.89, and Teck Resources (TCKb.TO), which fell 1.5 percent to C$55.72. [GOL/] [MET/L]

Canadian Natural Resources (CNQ.TO) dropped 0.5 percent to C$42.30 as oil fell toward $88 a barrel, pressured by the U.S. economic data and lingering concerns about the debt crisis in the eurozone. [O/R]

Francis Campeau, broker at MF Global Canada, in Montreal, pinned some of the market drop on spot gold prices, which fell through the 50-day moving average, a key technical level of around $1,370.

"The 50-day moving day average has been providing good support over the last six months. A movement below that line might trigger some technical funds to reduce positions," he said.

Gold retreated after data that showed U.S. jobless claims fell for a second week took the wind out of the metal's safe-haven sails, but concern over euro zone debt levels limited losses. [GOL/]

But while the jobless data suggested growth in the U.S. labor market, data on home construction showed the sector remained distressed. [ID: nN16191367]

Campeau said the mixed data was keeping investors cautious.

At 10:02 a.m. (1502 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 59.49 points, or 0.45 percent, at 13,169.58. Six of the index's 10 main groups were lower.

George Weston Ltd (WN.TO), the top net gainer, rose 4.8 percent to C$83.17. The food processor and distributor said on Wednesday it will pay a special one-time dividend of C$1 billion. [ID:nSGE6BE0CU]

Baffinland Iron Mines (BIM.TO) was the most heavily traded stock on the market, rising 0.8 percent to C$1.25. Nunavut Iron, backed by private equity, raised its hostile takeover bid for Baffinland by 69 percent, topping an offer from the world's
No. 1 steelmaker, ArcelorMittal, as the two companies compete for an iron ore deposit that is said to be big enough to supply all of Europe. [ID:nN16206372] For the latest updates PRESS CTR + D or visit Stock Market news Today

Related Post:

Commodity

• Wheat, Gold, oil, Corn, Copper Prices dec 11 2012
• Greek worries weigh on shares, commodities market today nov 13 2012
• MCX commodities prices expected october 23 2012
• Corn, soybeans market forecast week october 22-27 2012
• U.S. grain futures down october 10 2012
• corn, soybeans futures prices 10-2-2012
• London copper futures outlook october 1 2012
• soybeans, wheat , Corn futures prices for 9/27 2012
• How will Wheat Crop Insurance in 2013
• soybeans futures prices down 9-24-2012
• Wheat, corn, soybeans prices down 9/24/2012
• Grain futures prices forecast september 24-28 2012
• Corn, soybeans futures prices 9/21/2012
• food prices expectation 2013
• Corn, soybeans, wheat prices september 17 2012
• corn, soybeans futures prices september 11 2012
• grain futures prices september 10 2012
• grain futures prices forecast september 10-14 2012
• Corn, soybeans futures prices sept 5 2012
• U.S. soft futures prices 9/5/2012
• Grains prices forecast sept 3-7, 2012
• USDA forecast Agricultural Exports 2013
• Grain futures prices outlook 8/31/2012
• Ahead Russian Agriculture Ministry meetings 8/31/2012
• Grain futures prices 8/30/2012