CANADA STOCKS-TSX falls as Greek doubts linger

Tue May 4, 2010 10:28am EDT
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   * TSX down 57.82 points, or 0.47 percent, to 12,138.69
 * Energy, mining shares lead TSX lower
 * Suncor results help cushion index fall
 (Adds details, quote)
 By Jennifer Kwan
 TORONTO, May 4 (Reuters) - Toronto's main stock index fell
on Tuesday morning as worries about Greece's aid package
persisted, hitting oil and metals prices and sending energy and
mining issues lower.
 The index's energy sector dropped 0.7 percent. EnCana Corp
ECA.TO was down 0.2 percent at C$33.42, while Canadian
Natural Resources CNQ.TO sank 1.8 percent to C$77.49.
 Miner Teck Resources TCKb.TO dropped 2.8 percent to
C$37.70, while First Quantum Minerals FM.TO fell 4.3 percent
to C$70.78, which weighed on the index's materials group.
 "We are down on the Greek concerns. Commodities are super
weak," said Francis Campeau, broker at MF Global Canada in
 At 9:58 a.m. (1358 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was down 57.82 points, or
0.47 percent, at 12,138.69.
 The Toronto index took its cue from overseas stock markets,
which dropped as investors remained skeptical that a weekend
agreement among European countries and the International
Monetary Fund to bail Greece out of its debt problems would
succeed. [MKTS/GLOB] [.N]
 The euro retreated against the greenback on fears that
Greece's woes would spread to other vulnerable euro zone
countries. [FRX/]
 That concern helped to push down the price of oil, which
fell below $85 a barrel, while base metals were also knocked
lower on worries China would step up its credit tightening
campaign. [O/R] [MET/] [ID:nTOE64100Q]
 Financials fell 0.6 percent with Canada's biggest lender,
Royal Bank of Canada RY.TO, down 0.4 percent to C$62.15.
 Although lower, the TSX index was a relative outperformer,
Campeau said.
 "The way it has to be seen is that the TSX is actually
quite strong compared to the rest of the world. Europe equities
are down heavily on the Greek concerns," he said.
 He said solid earnings were helping to cushion the fall.
 For instance, shares of Suncor Energy Inc SU.TO, Canada's
top energy company, climbed 1.7 percent to C$35.28 after it
reported quarterly profit that beat market expectations, helped
by additional production from its acquisition of Petro-Canada
and higher crude oil prices. [ID:nN03213638]
 ($1=$1.02 Canadian)
 (Reporting by Jennifer Kwan; editing by Peter Galloway)