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: Quote), 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: Quote) 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...