CANADA STOCKS-TSX drops with oil price; banks fall

Wed Apr 7, 2010 10:47am EDT
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* TSX down 0.3 percent to 12,118.22

* Energy, financials lead index lower

By Claire Sibonney

TORONTO, April 7 (Reuters) - Toronto's main stock index fell for a second session on Wednesday as oil prices slipped and investors moved to the sidelines after the market's recent rally and ahead of the start of first-quarter earnings season.

Oil fell from 18-month highs around $87 a barrel after two weeks of gains, and the Toronto index's energy sector dropped more than 1 percent in response. [O/R]

Shares of Suncor Energy Inc (SU.TO: Quote), Canada's largest oil company, dipped 0.7 percent, while natural gas major EnCana Corp (ECA.TO: Quote) fell 1.2 percent to C$32.47.

"For now the commodities are taking us down again," said Barry Schwartz, vice-president and portfolio manager at Baskin Financial Services.

Miners were also down as demand for copper waned [MET/L]. Teck Resources TCKb.TO was off 0.4 percent at C$46.58, and uranium miner Cameco Corp (CCO.TO: Quote) slid 0.6 percent to C$26.97.

The financial group retreated 0.6 percent with Royal Bank of Canada (RY.TO: Quote), the country's biggest lender, falling 0.7 percent to C$59.04, and Toronto-Dominion Bank (TD.TO: Quote) dropping 0.6 percent to C$73.76.   Continued...