CANADA STOCKS-TSX falls on euro zone worries
* TSX down 50.97 pts, or 0.4 pct, to 11,820.26 * Materials, energy issues fall more than 1 pct * Financials pare some losses * Greek, French election results hurt sentiment By Jon Cook TORONTO, May 7 (Reuters) - Toronto's main stock index was on track for its fourth straight loss on Monday as oil and other resource-based commodities tumbled after Greek and French election results rattled investors. Euro zone debt fears escalated after incumbent governments in France and Greece lost re-election bids on Sunday. Market watchers were concerned the new governments may not have the stomach for painful austerity measures seen as key to tackle the region's debt crisis. "The uncertainty there will probably weigh on sentiment for some time still," said Robert Kavcic, an economist at BMO Capital Markets. Kavcic added the Greek situation was a bit more pressing, as it was unclear "whether or not they're going to be able to meet the demands necessary to maintain their bailout funding." The heavily weighted materials and energy groups both fell more than 1 percent, leading Canada's broader index lower as base metals and gold prices slid and Brent oil hit a 4-month low below $113 a barrel. Among material stocks, the most influential decliners included top fertilizer producer Potash Corp, down 1.1 percent to C$41.84, copper miner Teck Resources Ltd, off 2.4 percent at C$33.94 and major gold miner Goldcorp Inc , taking off 1.6 percent to C$35.83. Inmet Mining Corp fell 7.7 percent to C$46.37 after the Toronto-based miner's long-awaited engineering study on its Cobre Panama copper-molybdenum project in Central America pegged development costs at $6.2 billion. Around noon (1600 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 50.97 points, or 0.4 percent, to 11,820.26. It touched a fresh 2012 low at 11,785.74. Energy losses were led by Canadian Natural Resources Ltd , down 1.6 percent to C$31.20, Suncor Energy, off 1 percent to C$29.89, and Cenovus Energy Inc, which slipped 1.5 percent to C$31.69. TransGlobe Energy Corp fell more than 8 percent to C$12.12 as crude prices slid despite the oil and gas company reporting that quarterly profit rose nearly four times. Positive Canadian housing data helped pare some losses. Statistics Canada said the value of building permits rose by 4.7 percent in March, beating the average forecast of a 2.8 percent drop. Despite the uncertainty in Europe, financial shares edged up 0.3 percent as Canada's major banks performed well. Bank of Nova Scotia led the sector's slight gains, up 1.3 percent to C$53.45. "The Canadian banks are always perceived as a relative safe haven and that perception gets magnified when we have problems on the other side of the Atlantic," said Kavcic. In other news, Thompson Creek Metals slid 14 percent to C$4.74 after the molybdenum miner said it plans to raise up to $430 million to help develop the Mt. Milligan copper-gold mine in British Columbia. Toronto-listed shares of the Denver-based company have fallen some 33 percent this year.
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