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Canada Shares Fall on Profit Taking

Toronto's TSE 300 closed down 48.3 points to 8099.4. Profit taking after recent strong gains was not surprising. On the week, the TSE 300 is up a healthy 264.2 points (3.4%) thus continuing the uptrend that began April 4. Seven of the 14 subindices closed in negative territory lead by the Industrials (Nortel slipped $1.31 despite in line with expectations earnings). Look for a resumption of the uptrend on Monday (often the Monday after option expirations is the reverse of Friday's trading).

Stock markets in Europe ended lower after U.S. Treasury Secretary Paul O'Neill said on Thursday he was mystified that Europeans believe their growth will not be affected by the U.S. economy. London's Financial Times-Stock Exchange 100 index finished up 8.20 points, or 0.14%, to 5,879.80. In Germany, the DAX Index ended off 53.94 points, or 0.87%, at 6,127.97. In France, the CAC 40 finished down 30.71 points, or 0.56%, to 5,449.34.

Asian markets ended lower. In Tokyo, the Nikkei fell 102.61 points, or 0.74%, to 102.61. Meanwhile, in Hong Kong, the Hang Seng lost 100.82 points, or 0.74%, to end at 13,448.13.

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