CANADA STOCKS-TSX falters on commodities, weak data

Wed Sep 15, 2010 4:42pm EDT
 
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*TSX down 48.14 points at 12,144.84

*Energy, financials, materials all down

*Canada, U.S. data keeps index under pressure (Adds details, quote)

TORONTO, Sept 15 (Reuters) - Toronto's main stock index fell on Wednesday after three days of gains as key commodity prices slipped and weak North American data splashed cold water on recent optimism about economic recovery.

The three main pillars of the TSX index -- energy, down 0.6 percent, materials, down 0.8 percent, and financials, down 0.1 percent -- led the decline.

On the energy side, shares dropped as U.S. crude oil futures fell as traders expected Enbridge's ENB.TO big Canada-U.S. crude pipeline to restart soon. [O/R]

Suncor Energy SU.TO was down 0.6 percent at C$33.70, while Canadian Natural Resources CNQ.TO lost 1.7 percent to C$34.23. Enbridge gained 0.3 percent to C$52.24.

The market was also pressured by a report that showed Canadian manufacturing sales slid unexpectedly in July and data that showed a measure of New York state business conditions had slipped to the lowest level in more than a year. Another report showed U.S. industrial output rose at a slower rate in August. [ID:nN15446129] [ID:nN15145257]

Takeover target Potash Corp POT.TO dropped 1.3 percent to C$150.52. China's state-owned Sinochem Corp showed reluctance on Wednesday to make a bid for Potash, even as Beijing voiced concern over BHP Billiton's BHP.AX $39 billion bid for the Canadian company. [ID:nSGE68E0AG] [ID:nN15142696]   Continued...