UPDATE 1-Toronto stocks choppy amid mixed resources, data

Thu Aug 14, 2008 11:32am EDT
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* TSX rebounds from early retreat

* Energy, materials pressure index

* Cameco rises after quarterly results

TORONTO, Aug 14 (Reuters) - Toronto Stock Exchange's main index was flat on Thursday as a raft of quarterly results, U.S. economic data and a privatization deal for Sleep Country Canada Income Fund Z_u.TO made for a choppy session.

Shortly after the open, the index slipped 100 points lower, as U.S. data showed consumer price pressures mounted in July and the labor market weakened.

It eventually turned positive, but by late morning the S&P/TSX composite index .GSPTSE was down 19.21 points, or 0.14 percent, at 13,358.01, with four of its 10 main groups lower.

The see-saw action reflects a market that gets over- and undervalued, and as sentiment ebbs and flows there are "wild gyrations", said Robert Floyd CFA, president of R.A. Floyd Capital Management Inc.

"People get very emotional as there is a lot of volatility out there, so when they see a headline number they hit for a sell button fairly quickly," Floyd said.   Continued...