CANADA STOCKS-TSX lower as oils, financials retreat

Tue Jul 7, 2009 11:47am EDT
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* TSX down 0.70 percent at 9,957 points

* Energy sector off 0.81 percent

* Financials down 0.48 percent (Adds details, quote)

By Nina Lex

TORONTO, July 7 (Reuters) - Toronto's main stock index was lower after a choppy open on Tuesday morning, as the price of oil dropped and put pressure on energy shares, while concerns over the global economy also weighed.

The energy sector was down 0.81 percent as the price of oil fell to around $63 a barrel. Petro-Canada PCA.TO shares were down 1.9 percent at C$38.65 while Suncor (SU.TO: Quote) sank 1.46 percent to C$30.40.

Investor fears about the speed of the global economic recovery weighed on bank shares and pulled the financial sector down 0.48 percent.

Royal Bank of Canada (RY.TO: Quote) was the most influential decliner, falling 0.68 percent to C$47.35, while Bank of Montreal (BMO.TO: Quote) was down 0.78 percent at C$48.27.

"Investors are quite cautious about the future and obviously about the American situation," said Sal Masionis, stockbroker at Brant Securities.   Continued...