CANADA STOCKS-TSX falls as energy shares drop on weak oil

Wed Jun 16, 2010 11:06am EDT
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*TSX down 41.18 points at 11,866.36

*Energy, banks lead way lower

*Magna shares drop after OSC challenge (Adds details, quote)

By Jennifer Kwan

TORONTO, June 16 (Reuters) - Toronto's main stock index was lower on Wednesday morning as energy issues fell on weaker oil prices and fresh concerns emerged about Spain's fiscal problems.

Big oil and gas names on the downside included EnCana Corp (ECA.TO: Quote), down 1.2 percent at C$34.99, and Talisman Energy TLM.TO, down 1.3 percent at C$18.03 as the price of oil fell below $77 a barrel. [O/R].

The index's financial sector was also lower with Royal Bank of Canada (RY.TO: Quote), the country's biggest lender, down 0.2 percent at C$54.60, and Toronto-Dominion Bank (TD.TO: Quote) declining 0.8 percent to C$72.87.

At 10:39 a.m. (1439 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 41.18 points, or 0.35 percent, at 11,866.36, with eight of its 10 main groups lower. On Tuesday it rose 2 percent.

Given that rise in the previous session, it's normal to "expect a little give back," said Fred Ketchen, director of equity trading at ScotiaMcLeod.   Continued...