CANADA STOCKS-TSX slips lower as golds, energy weigh

Tue May 10, 2011 5:13pm EDT
 
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   * TMX down 35.07 points, or 0.26 pct, at 13,642.06
 * Five of the 10 main groups higher
 (Updates with details, comments)
 By Solarina Ho
 TORONTO, May 10 (Reuters) - Toronto's main stock index
closed lower on Tuesday, as pressure from lackluster gold
miners and energy issues offset unexpectedly strong Chinese
trade data that reinforced optimism about the global economy.
 The materials sector, home to major mining companies, led
the retreat with a 1.13 percent decline.
 Goldcorp G.TO took a 1.61 percent hit and finished at
C$47.57, while Barrick Gold ABX.TO fell 0.81 percent to
C$45.59 as gold miners failed to track bullion prices, which
firmed after last week's selloff. [ID:nLDE7490LH] [GOL/]
 "Gold stocks aren't participating ... it's been typical of
their performance for a long time now," said John Kinsey, a
portfolio manager at Caldwell Securities. "They just have not
come up with the commodity and they still seem to do that."
 The energy group was down 0.34 percent after spending much
of the session waffling between positive and negative
territory. Canadian Natural Resources CNQ.TO ended the day
down 1.87 percent at C$41.35 while Talisman EnergyTLM.TO slid
1.21 percent to C$21.26.
 Oil and gas companies could not keep up with volatile crude
prices, which finished higher on worries over flooding in the
U.S. Gulf Coast refining hub and on data showing strong Chinese
crude imports. [O/R] [ID:nN10181880]
 "It is surprising to see so little follow-through. When you
look at the energy stocks, you would think that certainly ...
that there would be more strength in those numbers," said Gavin
Graham, president of Graham Investment Strategy.
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE finished down 35.07 points, or 0.26 percent, at
13,642.06. Five of the index's 10 main groups were lower.
 "Last week, the first four days were pretty brutal. Friday
saved part of the week and then yesterday was kind of a
follow-through which was good," said Kinsey.
 "But, today, it seems to be kind of: Well, let's wait and
see where we go."
 Global market sentiment got a lift from strong Chinese
trade data, which eased concerns of a slowdown in the world's
second-largest economy and pointed to strong global demand.
[MKTS/GLOB]
 China posted an $11.4 billion trade surplus in April,
nearly four times more than expected, after exports hit a
record on healthy demand and imports rose less than forecast.
[ID:nL3E7GA09F] [ID:nLDE7480YG]
 However, the United States released data small business and
import price increases that pointed to worrying signs of
inflation. [ID:nN1044569]
 ($1=$0.96 Canadian)
 (Reporting by Solarina Ho; editing by Rob Wilson)