(Adds portfolio manager comment, updates prices to close)
* TSX ends down 19.47 points, or 0.13 percent, at 15,080.91
* Seven of the TSX's 10 main groups gain
By Alastair Sharp
TORONTO, Nov 23 Sharp losses among gold miners
weighed heavily on Canada's main stock index on Wednesday as the
precious metal slid to a nine-month low, with the falls
offsetting solid gains for heavyweight banks and more subdued
rises across most other sectors.
A slew of gold mining stocks, including two of the world's
largest gold producers, fell between 3 and 8 percent. Gold
prices slumped as strong U.S. data and the release of minutes
from the last U.S. Federal Reserve policy meeting buoyed the
U.S. currency to its highest level since 2003 and further
cemented a case for increasing U.S. interest rates next month.
Barrick Gold Corp fell 4.5 percent to C$19.72, and
Goldcorp Inc declined 4 percent to C$17.41. Kinross Gold
Corp lost 8.2 percent to C$4.26.
The materials group, which includes precious and base metals
miners and fertilizer companies and accounts for 12 percent of
the index's weight, lost 2.6 percent.
"Technically it's weak and fundamentally it's weak," John
Kinsey, a portfolio manager at Caldwell Securities, said of the
gold price, adding that India's removal of large-denomination
rupee notes from circulation earlier this month was an
"That's hurting, it's drying up liquidity. They want to buy
gold but they don't have the liquidity," he said.
India's central bank said on Monday that people could
withdraw up to 250,000 rupees ($3,670) for wedding-related
The Toronto Stock Exchange's S&P/TSX composite index
settled down 19.47 points, or 0.13 percent, at
15,080.91. The index hit 17-month highs earlier this week.
Seven of the index's 10 main groups ended the day in
positive territory, although decliners slightly outnumbered
The most influential gainers were financial stocks, which
continue to rally as bond yields push higher following Donald
Trump's victory in the U.S. presidential election earlier this
Bank of Montreal rose 0.8 percent to C$89.06, and
insurer Manulife Financial Corp add 0.7 percent to
C$23.71. The overall financials group, which accounts for more
than a third of the index's weight, gained 0.5 percent.
Potash Corp fell 1.4 percent to C$23.73. The
world's biggest fertilizer maker by capacity said it was
reducing output and cutting jobs as the sector struggles with
The energy group was slightly higher as investors looked
ahead to a OPEC meeting next week at which the cartel is seeking
agreement to cut production in response to a global surplus.
(Reporting by Alastair Sharp; Editing by Nick Zieminski and