CANADA STOCKS-Energy weighs on TSX, Potash limits fall

Wed Aug 18, 2010 11:03am EDT
 
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* TSX slips 0.14 percent to 11,711.86

* Potash Corp. up 3 pct, BHP to take offer to shareholders

* Energy decline is main drag as oil prices weaken (Adds details)

By Ka Yan Ng

TORONTO, Aug 18 (Reuters) - Toronto's main stock index was lower on Wednesday morning on a steep drop in energy shares but the fall was limited by strength in $39-billion takeover target Potash Corp.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 16.78 points, or 0.14 percent, at 11,711.86, after briefly popping into positive territory.

Seven of the index's 10 main groups were lower, with a 0.96 percent drop in the energy group, due to a falling oil price, providing the main drag on the index.

Oil prices fell to a one-month low below $75 after an industry report on Tuesday showed a sharp increase in petroleum inventories in the United States. [O/R]

Suncor Energy (SU.TO: Quote) fell 1.2 percent to C$33.09, while fellow oil company Canadian Natural Resources (CNQ.TO: Quote) lost 1.6 percent to C$34.18.   Continued...