CANADA STOCKS-TSX stumbles as Greece concerns weigh

Mon Feb 6, 2012 10:38am EST
 
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* TSX down 16.41 points, or 0.13 pct, at 12,560.87

* Seven of 10 sectors lower

* Weak oil pressures TSX energy shares

By Jennifer Kwan

TORONTO, Feb 6 (Reuters) - Canada's resource-heavy main stock index was lower on Monday morning as oil prices weakened on growing fears that Greece will not be able to avoid a messy debt default.

The index's key energy sector led the market lower, falling 0.2 percent as oil prices dropped as traders and investors worried that a failure to agree on a new debt deal for Greece would suppress demand in the euro zone.

Suncor Energy fell 0.1 percent to C$34.86, and Canadian Natural Resources dropped 0.7 percent to C$40.57.

Greek political leaders had still not agreed on Monday to accept deeply unpopular public wage cuts and other painful measures that international lenders are demanding as a condition of a second Greek bailout. Athens needs to secure a bailout to avoid a disorderly default.

Greece's slow progress to sort out the Greek mess has angered the country's European partners and undermined investor confidence across all markets.   Continued...