CANADA STOCKS-TSX drifts lower on market pessimism

Mon Jun 13, 2011 10:53am EDT
 
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* TSX down 16.12 points at 13,067.88

* Seven of 10 sectors weaker (Updates with details, commentary)

By Claire Sibonney

TORONTO, June 13 (Reuters) - Toronto's main stock index drifted lower on Monday on worries over the outlook for the global economy, though losses were limited as bargain-hunters sought deals after the TSX hit a six-month low on Friday.

Energy shares were the heaviest drag on the index, falling 0.6 percent as U.S. crude prices dipped as increasing signs of a global slowdown prompted risk aversion. [O/R]

Canadian Natural Resources (CNQ.TO: Quote) lost 0.9 percent to C$39.00, while Canadian Oil Sands Trust COS.TO dropped 1.3 percent to C$28.59.

"There is little if any news recently that is going to cause anybody to get excited about the market, and as long as that's the case, you've got nothing to go on," said Fred Ketchen, director of equity trading at ScotiaMcLeod.

At 10:31 a.m. (1431 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 16.12 points, or 0.12 percent, at 13,067.88.

Seven of the 10 main sectors were weaker, including financials, which dipped 0.1 percent. Royal Bank of Canada (RY.TO: Quote), down 0.6 percent at C$54.02, was the top decliner.   Continued...