CANADA STOCKS-TSX falls as oil drops; glitch freezes data

Fri May 15, 2009 4:57pm EDT
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* TSX finishes down 86.35 points at 9,762.85

* Energy sector, down 2.48 percent, leads TSX lower

* Technical glitch affects TMX data feeds for an hour (Adds details, quotes)

TORONTO, May 15 (Reuters) - Toronto's main stock index erased an early gain and closed lower on Friday as energy shares fell with oil prices, which dropped further from the six-month high they reached earlier this week.

The index's energy sector fell 2.48 percent as the price of oil settled lower at $56.34 a barrel, due in part to weak global demand. [ID:nSIN460588]

Suncor Energy (SU.TO: Quote), the biggest drag on the index, dropped 2.8 percent to C$33.67, and Canadian Natural Resources (CNQ.TO: Quote) was down 2.7 percent to C$57.96. EnCana (ECA.TO: Quote) dropped 1.8 percent to C$59.23.

With the financial sector down 0.91 percent on Friday, and the mining-heavy materials group off 0.8 percent, it appeared investors were reassessing the recent run-up in stock markets, said Elvis Picardo, analyst and strategist at Global Securities in Vancouver. The TSX index has risen more than 30 percent from its March lows.

"I think this week has been some sort of reality check for most investors," said Picardo, noting "lingering concerns" about the economic outlook.

The S&P/TSX composite index .GSPTSE was down 86.35 points, or 0.88 percent, at 9,762.85, with seven of its 10 main groups lower. Earlier in the session the TSX had rallied as much as 97.86 points, or 0.99 percent, higher.   Continued...