CANADA STOCKS-TSX ends slightly lower despite bank rally

Tue Jun 2, 2009 4:52pm EDT
 
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* TSX falls 15.27 points to 10,588.79

* Drop in energy shares tips balance to downside

* Bank shares keep TSX from steeper fall (Adds details)

By Frank Pingue

TORONTO, June 2 (Reuters) - Toronto's main stock index ended slightly lower on Tuesday as lower oil prices weighed on the energy sector, but an extended rally by bank shares after last week's earnings helped to cushion the fall.

Energy companies crowded the list of shares that pushed the TSX index down the most as oil prices, boosted recently on hopes that the worst of the global economic crisis may be over, edged off a seven-month high. [ID:nSIN357259]

Shares of Suncor Energy SU.TO ended down 5 percent at C$37.93, followed by Petro-Canada PCA.TO, whose shares fell 5 percent to C$47.38. The energy sector fell 2.3 percent.

The skid in energy shares spoiled any chance the TSX had of adding to the 234-point gain it recorded on Monday, when it reached its highest level since Oct. 14. Still, that did not seem to cause much concern among market experts.

"We had a bit of a standoff. But after yesterday's action between Toronto and New York, to see this kind of action today in Toronto is just fine," said Bruce Latimer, trader at Dundee Securities.   Continued...