Markets closed lower Tuesday as investors digested a weaker than expected earnings announcement from Alcan, and continued to be pre-occupied by the situation in Iraq. The S&P/TSX composite index fell 49.56 points to 6,690.81.

Alcan reported an increase in fourth-quarter earnings but still missed analyst forecasts. Its stock slid $1.85 to $45.90.

The heavily weighted financial index slipped 1% and the utilities group shed 0.6%.

Among financial stocks, Manulife Financial fell 88¢ to $35.12. Royal Bank fell 69¢ at $56.91l. Fairfax Financial recovered $5.10 of Monday’s $14.85 plunge, closing at $90.10.

The gold sector rose as the price of bullion price climbed 60¢ to US$356.90 an ounce. Kinross Gold rose 19¢ to $3.72.


Other active stocks included Nortel Networks, down 2¢ to $3.47; Bombardier, up 14¢ to $6; and BCE, down 35¢ at $29.40.

Toronto volume was 234.8 million shares worth $3.23 billion. Declines beat advances 577 to 520 with 213 unchanged.

The TSX Venture Exchange slipped 0.41 point to 1,123.41.

In New York, the Dow Jones industrial average lost 143.84 points to 8,442.90. The tech-heavy Nasdaq closed down 11.93 points at 1,364.26, while the S&P 500 lost 14.16 to 887.62.

The Canadian dollar advanced 0.15 cent to close at 65.27¢ after the Bank of Canada left interest rates unchanged, but continued to say they will soon rise. The bank’s decision was widely anticipated.