CANADA STOCKS-TSX gives up recent gains as commodities sag

Mon Jun 15, 2009 5:04pm EDT
 
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* TSX falls 250.18 points to 10,394.78

* Slide follows four weeks of gains

* Energy shares fall 3.4 pct, lead selloff (Adds details, comments)

By Frank Pingue

TORONTO, June 15 (Reuters) - Toronto's main stock index closed lower on Monday as falling commodity prices sent the resource-heavy index into a broad-based retreat that nearly wiped out all the gains made over the past two weeks.

The weighty energy sector posted the biggest selloff, with a 3.4 percent drop, as oil prices fell almost 2 percent after nearing an eight-month high last week.

Shares of Suncor Energy SU.TO finished down 4 percent at C$37.47, while Canadian Natural Resources (CNQ.TO: Quote) shares followed with a slide of 3.6 percent to C$62.40.

The lower start to the week follows four straight weekly winning sessions for the TSX composite and erased most of its 2.6 percent gain logged over the past two weeks.

Prices for oil and gold, both key Canadian exports, were dealt a blow by a U.S. dollar that rallied after Russia expressed confidence in the greenback as the world's reserve currency. [ID:nN15224944]   Continued...