TORONTO (Reuters) - Canada's main stock index was lower on Tuesday, led down by shares of miners and other resource companies as a downgrade of France's credit rating weighed on investor sentiment.
Moody's stripped France of its triple-A sovereign credit rating, citing an uncertain fiscal outlook and deteriorating economy.
"It reinforces the point that Europe has not solved its problems. The bad news continues," said Gavin Graham, president of Graham Investment Strategy.
"The growth oriented sectors - whether it is energy, resources, industrials - are all getting thumped because people are worried about the outlook for global growth."
At midmorning, the Toronto Stock Exchange's S&P/TSX composite index <.gsptse> was down 20.18 points, or 0.17 percent, at 12,019.52.
The index's materials sector was down 0.42 percent, leading the decline. Goldcorp Inc
Energy stocks slipped 0.22 percent, tracking lower oil prices. Cenovus Energy Inc
Brent crude was down 70 cents at $111.30 per barrel, as ample supplies outweighed worries over violence in the Middle East.
Royal Bank of Canada
BlackBerry maker Research In Motion Ltd
Market moves were limited with many traders and investors awaiting a speech by U.S. Federal Reserve Chairman Ben Bernanke at midday that may offer clues about the Fed's intentions on more monetary stimulus.
"People are trying to get a handle on the outlook for 2013," Graham said. Bernanke's speech can give us a sense of how the U.S. economy is doing, he added.
(Editing by Peter Galloway)
Source: http://news.yahoo.com/tsx-may-open-lower-french-credit-downgrade-134552036--sector.html
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