CANADA STOCKS-TSX falls for 2nd day as oil knocked back

Wed Apr 7, 2010 5:07pm EDT
 
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* TSX down 0.38 percent to 12,110.90

* Energy, financials lead index lower

* Golds glitter as precious metal surges (Adds details)

By Ka Yan Ng

TORONTO, April 7 (Reuters) - Toronto's main stock index ended lower for a second straight session on Wednesday, pulled down in a broad selloff that was led by the energy group, while firm golds offset a portion the losses.

Nine of the index's 10 main groups were lower, with the oil and gas group the top laggard, down 1.47 percent. The price of crude oil, an important Canadian export, broke a six-day rising streak to settle below $86 a barrel, prompting profit-taking. [O/R]

Shares of Suncor Energy Inc (SU.TO: Quote), Canada's largest oil company, lost 1.65 percent, while EnCana Corp (ECA.TO: Quote) fell 1.86 percent to C$32.25.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed down 45.81 points, or 0.38 percent, at 12,110.90. At the start of the week, the index hit 12,203.39, its highest level since September 2008.

"The market has come such a long way and we're really just going through a pause and digestion phase right now," said Peter Chandler, senior vice-president at Canaccord Wealth Management in Waterloo, Ontario.   Continued...