CANADA STOCKS-TSX falls; losses curbed by miners, energy stocks

Mon Aug 13, 2012 10:54am EDT
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* TSX down 32.3 points, or 0.27 percent, at 11,858.58
    * Banks weigh after weak Japan data
    * Some energy and mining stocks help offset fall

    By Alastair Sharp
    TORONTO, Aug 13 (Reuters) - Canada's main equity index fell
on Monday after weak Japanese data added to evidence of a
slowing global economy, while gains in some mining and energy
stocks limited the decline.
    Canada's resource-focused companies -- which make up a major
chunk of the overall index -- have been slow to recover from
dips in the price of commodities this year. Both oil and gold
prices climbed on Monday.  
    "(Gold miners) have been lagging for a long time. They're
quite a bit behind the commodity, said John Kinsey, a portfolio
manager at Caldwell Securities. "A nd the same with the energy
stocks, they're behind the oil price."
    Pacific Rubiales Energy Corp provide the biggest
lift, gaining 2.5 percent to C$24.18 after it said it was making
an additional investment in a port project in Colombia. 
    Bullion was higher as hopes for European Central Bank action
pressured the dollar, while oil hit $115 a barrel for the first
time in more than three months on supply concerns and hopes for
stimulus measures.  
    By 10:30 a.m. (1430 GMT) the Toronto Stock Exchange's
S&P/TSX composite index was down 32.3 points, or 0.27
percent, at 11,858.58.
    Japan's economy expanded just 0.3 percent in April-June,
half the pace expected, raising doubts about the strength of the
recovery as a rebound in consumer spending lost momentum and
Europe's debt crisis weighed on worldwide demand.
    A 1.4 percent fall in Canadian Natural Resources Ltd
 to C$30.53 was the single biggest drag on the index,
while financial stocks also weighed. Bank of Nova Scotia
 was down 0.7 percent at C$51.63 and Royal Bank of
Canada slipped 0.5 percent to C$50.90.