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* TSX slips 0.14 percent to 12,179.22
* Resources lead slide
* Consumer stocks up 0.5 pct on strong earnings (Adds details)
TORONTO, May 13 (Reuters) - Toronto's main stock market index slipped on Thursday morning as struggling oil prices hit energy issues, but consumer shares shone on strong corporate results.
The price of oil dropped below $74 a barrel, pushing energy shares down 0.8 percent. The index's other key resource group, materials, edged just 0.17 percent lower as base and precious metals were steadier as panic over the European debt crisis subsided.
Key decliners included Suncor Energy (SU.TO), down 1.15 percent at C$32.53, while Canadian Natural Resources (CNQ.TO) fell 1 percent to C$73.05. First Quantum Minerals FM.TO dropped 2.1 percent to C$72.06.
At 10:15 a.m. (1415 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 16.75 points, or 0.14 percent, at 12,179.22. Eight of its 10 main groups were lower.
The index had risen three straight sessions heading into Thursday, recovering from a rout last week that was spurred by fears that Greece's debt crisis would spread to other euro zone countries.
"We've had such a strong recovery that we're going to take some profits and rest," said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier. "It's more of a natural occurrence after a very strong rally."
The index's consumer discretionary sector, up 0.5 percent, was one of two that rose on the day, spurred by strong profits from several companies, including Canadian Tire (CTC.TO), Gildan Activewear GIL.TO and Tim Hortons THI.TO. [ID:nN13265011] [ID:nN13261938] [ID:nN13267932]
Hard goods retailer Canadian Tire Corp rose 1.6 percent to C$57.40, while T-shirt maker Gildan gained 4.4 percent to C$31.54. Tim Hortons, a coffee shop chain, was up 1.9 percent at C$35.00.
Penn West Energy Trust PWT_u.TO rose 4.6 percent to C$20.35 after it said it will form a joint venture with a wholly owned unit of China Investment Corp to develop the trust's bitumen assets in the Peace River area of northern Alberta. [ID:nSGE64C0JO]
$1=$1.02 Canadian Reporting by Ka Yan Ng; editing by Peter Galloway