CANADA STOCKS-TSX turns lower as volatile commodities weigh

Thu May 19, 2011 11:33am EDT
 
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   * TSX down 0.27 percent at 13,570.79
 * Suncor slips 0.88 percent to C$39.21
 * Oil trade volatile, gold and copper see losses
 By Julie Gordon
 TORONTO, May 19 (Reuters) - Toronto's main stock index
turned negative on Thursday, as heavily weighted energy and
materials issues reversed course and fell along with volatile
commodity prices.
 "Canada is underperforming a bit today," said Francis
Campeau, broker at MF Global Canada. "Mostly on some weakness
after such a strong day (on Wednesday) in oil, gold and
copper."
 The energy sector was down O.38 percent after starting the
session higher. Suncor Energy SU.TO, down 0.88 percent at
C$39.21, was one of the biggest drags on the sector and broader
market.
 U.S. crude oil futures extended losses and Brent crude
turned negative as investors digested U.S. jobless claims data
that raised concerns about the labor market in the world's
largest oil consumer. [O/R]
 The materials index was down 0.54 percent, with the mining
sector skidding with lower metal prices. Copper prices fell.
Gold pared some losses, but was expected to close lower. [GOL/]
[MET/L]
 Goldcorp shares G.TO fell 0.42 percent to C$47.
 The financial index also turned negative, as Royal Bank of
Canada RY.TO slipped 0.59 percent to C$59.46.
 At midmorning, the S&P/TSX composite index was down 0.27
percent at 13,570.79, while the blue-chip S&P 60 index .TSE60
slipped 0.28 percent to 778.11.
 "Over the last three sections, S&P 60 rallied nearly three
percent," said Campeau. "So it looks like a pause before some
key economic data."
 Statistics Canada is scheduled to release consumer price
index data for the month of April on Friday. ECONCA
 BlackBerry maker Research In Motion RIM.TO was the top
net loser on the index, falling more than 2 percent to $43.21,
following two days of gains.
 ($1=$0.97 Canadian)
 (Editing by Jeffrey Hodgson)