CANADA STOCKS-TSX seesaws lower as oils ease, golds shine

Tue May 5, 2009 10:36am EDT
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* Mild retreat follows 4 percent rally on Monday

* Strong golds and financials offset soft energy

* Five sectors advance, five decline (Adds details)

TORONTO, May 5 (Reuters) - Toronto's main stock index seesawed lower on Tuesday as softness in the price of oil spurred a decline in the energy group, while the index's recent run-up also prompted some profit-taking.

Half of the index's 10 main sectors were lower, including the key energy group which fell 2 percent. But strength in financials and materials, which together account for about 50 percent of the index's weight, were on the rise.

Materials, which are home to gold companies, gained 0.96 percent, while financials were up 0.77 percent.

At 10:24 a.m. (1424 GMT), the S&P/TSX composite index .GSPTSE was off 13.48 points, or 0.14 percent, at 9,856.89. It had bounced into positive territory, then fell again.

Entering the session, the TSX had risen about 30 percent since it hit a low in early March. It added nearly 4 percent on Monday to hit its highest level since Nov. 10.

"We're just having a slight pullback from a phenomenal day yesterday. It's still hanging in reasonably well," said Sal Masionis, stockbroker at Brant Securities.   Continued...