June 5, 2009 / 2:36 PM / 8 years ago

CANADA STOCKS-TSX slides lower after shaky start

2 Min Read

* TSX down down 16.46 points at 10,460.78

* Gold-mining shares hit by lower bullion price

* Weak Canadian jobs data weighs on sentiment (Adds details)

By Frank Pingue

TORONTO, June 5 (Reuters) - Toronto's main stock index was down on Friday morning after a choppy start to the session as a skid in gold-mining shares coupled with weak domestic jobs data to weigh on investor sentiment.

The move lower by the TSX followed a surge shortly after the open where it rallied as much as 97 points before backing off and bouncing around the break-even level.

The materials group, home to gold-mining shares, led all declining sectors with a 2 percent drop as gold prices fell 2 percent in choppy trade. [ID:nL5253783]

Shares of Barrick Gold Corp (ABX.TO), the biggest drag on the index, were 3 percent lower at C$40.07, while Goldcorp (G.TO) fell 3 percent to C$40.15.

Investor sentiment was also dealt a blow as data released ahead of the open showed the unemployment rate in Canada spiked to an 11-year high in May while the economy shed more jobs than expected. [ID:N05253705]

"The main point today was in Canada the employment numbers came out a little higher than expected and they were really bad numbers in Ontario," said Steve Ibel, institutional equities trader at Beacon Securities in Halifax, Nova Scotia.

At 10:20 a.m. (1420 GMT), the S&P/TSX composite index .GSPTSE was down 16.46 points at 10,460.78.

$1=$1.11 Canadian Reporting by Frank Pingue; editing by Rob Wilson

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