CANADA STOCKS-TSX slips as energy selloff outweighs bank rally

Mon Jun 8, 2009 4:42pm EDT
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* TSX falls 20.17 points to 10,549.12

* First lower close since Wednesday

* Bank shares help cushion fall (Adds details, comments and official numbers)

By Frank Pingue

TORONTO, June 8 (Reuters) - Toronto's main stock index was knocked lower for the first time in three sessions on Monday as a late charge by bank shares was not enough to offset the drag that lower oil prices had on weighty energy issues.

Energy players led the retreat as oil prices eased lower toward $68 a barrel, given renewed strength in the greenback. [ID:nSP162458]

A stronger U.S. dollar has the tendency to weaken commodity markets as it reduces the purchasing power of buyers holding other currencies.

Shares of Suncor Energy (SU.TO: Quote) ended down 1.85 percent at C$37.76, while Canadian Natural Resources (CNQ.TO: Quote) dropped 1.3 percent to C$63.88.

The energy group, which suffered the steepest decline among the TSX's 10 main sectors, ended the session down 1 percent, just days after it climbed to its highest level since Oct. 3.   Continued...