CANADA STOCKS-TSX falls, hurt by weaker energy shares

Fri May 7, 2010 10:16am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

 * TSX down 127.82 points, or 1.08 pct, at 11,714.61.
 * Weaker oil prices weigh
 * Investor concern after Thursday plunge cited
 By Jeffrey Hodgson
 TORONTO, May 7 (Reuters) - Toronto's main stock index fell
more than 1 percent on Friday, with heavily weighted energy
stocks following crude prices lower and investor confidence
shaken by Thursday's stunning sell-off.
 The index fell as much as 3.8 percent on Thursday, its
steepest one-day percentage fall since June 2009, before ending
just 0.28 percent lower.
 The mystery surrounding the magnitude of the drop spurred
some market players to lighten equity holdings.
 "We're still in the aftershocks of yesterday's spectacular
plunge," said Rick Hutcheon, president and chief operating
officer at RKH Investments.
 "Yesterday would shake people's confidence... Greece and
the whole European mess doesn't seem to be resolved. There's a
lot of uncertainty and managers' normal reaction to uncertainty
is to sell, take money off the table."
 Energy shares , down more than 1 percent, were
among the heaviest decliners. Suncor Energy Inc (SU.TO: Quote) fell
nearly 2 percent to C$31.77, while Canadian Natural Resources
Ltd (CNQ.TO: Quote) fell 1.5 percent to C$71.58.
 Canadian Natural on Thursday said first-quarter profit more
than doubled on higher oil production and stronger prices.
 Oil fell below $77 a barrel on Friday as
better-than-expected U.S. jobs data pushed up the dollar.
 Lingering concerns that the Greek crisis may widen to other
euro zone countries and threaten the global economic recovery
also weighed on oil prices and the broader equity market.
 At 10:03 (14:03 GMT), the Toronto Stock Exchange's S&P/TSX
composite index .GSPTSE was down 127.82 points, or 1.08
percent, at 11,714.61.
 (Editing by Janet Guttsman)