CANADA STOCKS-TSX dragged down by slide in energy shares

Fri Jul 10, 2009 10:49am EDT
 
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* TSX down 0.47 percent at 9727.64

* Energy sector drops 1.26 percent as oil-price falls

* Materials sector declines 0.41 percent (Adds details, quote)

By Nina Lex

TORONTO, July 10 (Reuters) - Toronto's main stock index was lower on Friday morning as falling prices for oil, gold and other precious metals rattled the resource-heavy index.

The energy sector led the fall, down 1.26 percent as the price of oil dropped to around $59 a barrel. EnCana (ECA.TO: Quote) shares fell 1.15 percent to C$52.57, Suncor Energy (SU.TO: Quote) was down 1.44 percent at C$30.87, and Petro-Canada PCA.TO slipped 1.56 percent to C$39.25.

The mining-heavy materials sector dropped 0.41 percent. Barrick Gold (ABX.TO: Quote) was down 0.68 percent at C$36.70, Goldcorp (G.TO: Quote) was down 0.52 percent at C$38.30, and Kinross Gold (K.TO: Quote) fell 0.92 percent to C$20.52.

"Commodities have had pretty good run over the last few weeks and until investors are convinced the economic recovery has begun in earnest there is just no rush to race out and buy these things," said Bruce Latimer, trader at Dundee Securities.

At 10:23 a.m. (1423 GMT), the S&P/TSX composite index .GSPTSE was down 46.11 points, or 0.47 percent, at 9,727.64. Seven of its 10 main groups were lower.   Continued...