CANADA STOCKS-TSX slips as oil and gold prices weaken

Thu May 13, 2010 4:58pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX falls 79.38 points, or 0.65 percent, to 12,116.59

* Six of 10 index groups lower

* Consumer stocks steady on strong earnings (Adds details, quote)

By Jennifer Kwan

TORONTO, May 13 (Reuters) - Toronto's main stock index finished lower for the first time in four sessions on Thursday as weaker oil and gold prices pushed down heavily weighted resource issues.

The price of oil dropped below $75 a barrel, hurt by high U.S. inventories and doubts about economic recovery, and that helped push energy shares down 0.7 percent. [O/R] The index's other key resource group, materials, sank 1.5 percent as the price of bullion pulled back after its recent runup. [GOL/]

Suncor Energy SU.TO fell 0.2 percent to C$32.84, while Canadian Natural Resources CNQ.TO dropped 1.5 percent to C$72.73. Barrick Gold ABX.TO shed 1.7 percent to C$45.76.

Global stocks [ID:.MIWD00000PUS] and the euro faltered on Thursday due to unsettling U.S. economic data and worries that growth in Europe will slow due to belt-tightening in heavily indebted countries. [MKTS/GLOB] [.N]

"Now that people have had a bit of time to think about it, I would guess there are still deep concerns over what's happening in Europe," said Michael Sprung, president at Sprung & Co. Investment Counsel.   Continued...