TORONTO, Nov. 10, 2009 (Xinhua News Agency) -- As natural gas slid to the lowest level in almost two weeks, Canadian stocks fell for the first time in six days. The S&P/TSX composite index closed down 60.14 points, or 0.52 percent, at 11,426.74 on Tuesday.
Energy sector led the decrease, dropping one percent. EnCana Corp (TSX:ECA'W) (NYSE:ECA) (TSX:ECA) and Canadian Natural Resources Ltd. (NYSE:CNQ) , the country's two biggest oil and gas producers by market cap, both fell close to two percent. On the positive side, Research In Motion (NASDAQ:RIMM) advanced more than three percent amid an overall weak market.
"It is a natural pull back after the stock market has risen for more than a week without real positive news on the economic front," said Liu Jie, financial analyst from RBC Capital Markets. "We should see more volatility going into the year end as trading volumes are getting lighter and the strong rally over the past eight months seem to run out of gas."
Canadian dollar traded near the strongest level in more than two weeks after crude oil briefly topped 80 U.S. dollars per barrel. While the oil price slides back, Canadian dollar remains strong. The so-called loonie is benefiting from a better economy when compared to the U.S. and stronger commodity prices. One U.S. dollar can buy 1.0499 Canadian dollars at 5 pm local time (2200 GMT).
