CANADA STOCKS-TSX falls on oil, consumer stocks shine

Thu May 13, 2010 10:35am EDT
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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: Quote), down 1.15 percent at C$32.53, while Canadian Natural Resources (CNQ.TO: Quote) fell 1 percent to C$73.05. First Quantum Minerals (FM.TO: Quote) 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."   Continued...