UPDATE 1-Toronto stocks little changed as oils weigh

Wed May 7, 2008 10:58am EDT
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(Updates to midmorning)

TORONTO May 7 (Reuters) - The Toronto Stock Exchange's main index was little changed on Wednesday morning, held back by profit-taking in energy shares as oil prices retreated from Tuesday's record high.

The S&P/TSX composite index .GSPTSE was 11.49 points, or 0.08 percent, lower at 14,402.81 with four of its 10 main sectors on the upside.

The oil and gas group dipped 0.7 percent. Oil prices eased on Wednesday after U.S. inventory data showed crude supplies last week were above expectations.

Canadian Natural Resources (CNQ.TO: Quote) was off 88 Canadian cents, or 1 percent, at C$91.12, while Suncor Energy (SU.TO: Quote) slipped C$1.35, or 1.1 percent, to C$119.77.

Gold producers also slid, pressured by weaker bullion prices. Agnico-Eagle Mines (AEM.TO: Quote) was down C$1.66, or 2.6 percent, at C$62.92, while the gold miners' subindex lost 1.1 percent.

Kinross Gold (K.TO: Quote) was down 64 Canadian cents, or 3.2 percent, at C$19.26 after the gold producer reported after the bell on Tuesday that profit rose but earnings per share slipped as the number of outstanding shares increased.

The larger materials sector inched down 0.03 percent, but it got support from Potash Corp of Saskatchewan (POT.TO: Quote), which rose C$2.81, or 1.4 percent, to C$202.20. Also in the group, Agrium (AGU.TO: Quote) gained 79 Canadian cents, or 0.9 percent, to C$87.54.

On the earnings front, pipeline operator Enbridge (ENB.TO: Quote) rose 93 Canadian cents, or 2.2 percent, to C$42.75 after it said first-quarter profit rose, while it continued to develop key projects.   Continued...