CANADA STOCKS-TSX knocked lower by energy shares

Tue Jun 16, 2009 1:30pm EDT
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* TSX down 39.28 points at 10,355.50

* Erases earlier 166-point gain

* Energy shares lead turnaround (Adds details and comments)

By Frank Pingue

TORONTO, June 16 (Reuters) - Toronto's main stock index slid lower on Tuesday afternoon, relinquishing a meaty gain from early in the session, as oil prices backed off their highs and weighed on the influential energy sector.

The move lower came alongside a retreat in U.S. equities as investors worried that the economic recovery's pace might not be as strong as initially hoped.

Shares of EnCana Corp ECA.TO, North America's largest natural gas producer, were the biggest drag on the index, falling 2.2 percent to C$59.01. Suncor Energy SU.TO sagged 2.2 percent to C$36.62. The broader energy index was down 1.66 percent.

"The market was strong out of the gate this morning and there was no follow-though and it just began to drift, and when there was even less follow-through it went negative," said Bruce Latimer, a trader at Dundee Securities.

"We just have a bit of a consolidation going on of the run-up of the last few weeks. But I'm not really too worried since Toronto just hit a new high last week, so to see it pull back here is normal."   Continued...