CANADA STOCKS-TSX drops with oil price; banks fall
* 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, 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 dropping 0.6 percent to C$73.76. Continued...