CANADA STOCKS-TSX falls as economic uncertainty resurfaces

Tue Jun 1, 2010 11:48am EDT
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*TSX down 31.75 points at 11,731.24

*Energy sector leads index lower

*Banks reverse early losses (Updates prices, adds details, quotes)

By Claire Sibonney

TORONTO, June 1 (Reuters) - Toronto's main stock index dropped in volatile trading on Tuesday morning after mixed manufacturing data from several countries caused uncertainty about the pace of the economic recovery.

The energy sector was down 1.2 percent with Suncor Energy Inc (SU.TO: Quote), the country's biggest oil producer, losing 0.3 percent to C$32.42, and EnCana Corp (ECA.TO: Quote), Canada's largest natural gas producer, shedding 1.5 percent to C$32.73.

Data showed U.S. manufacturing expanded for a tenth straight month in May, but sluggish data from China and Europe disappointed markets, pressuring oil prices. [ID:nN01231825] [O/R]

"There's always something to worry about and that's what the market is worried about today," said Barry Schwartz, vice-president and portfolio manager at Baskin Financial Services.

Financial and gold-mining stocks led advancing shares with Bank of Nova Scotia (BNS.TO: Quote) soaring 3.4 percent to C$49.87 after reporting stellar quarterly results and Barrick Gold Corp (ABX.TO: Quote) rallying 2.7 percent to C$45.34. [ID:nN28202192] [GOL/]   Continued...