October 19, 2009 / 2:25 PM / in 8 years

CANADA STOCKS-TSX flat as energy shares erode early rally

 * TSX up 10.11 points at 11,515.42
 * Energy stocks eat away at early gain
 * Bank shares retreat from session highs  (Adds details and comments)
 By Frank Pingue
 TORONTO, Oct 19 (Reuters) - Toronto’s main stock index was flat on Monday morning as a slide in EnCana Corp (ECA.TO) and several other oil stocks offset an early rally driven by heavyweight bank shares.
 A handful of energy players weighed on the index as oil prices eased from a year high above $79 a barrel as traders questioned whether current price levels are justified given ample fuel supplies. [O/R]
 Shares of EnCana were down 0.77 percent at C$64.45, while Canadian Natural Resources (CNQ.TO) was off 0.15 percent at C$78.35.
 Bank stocks had rallied at the start of the session on hopes for further signs of a rebound in the global economy but they retreated quickly and at mid morning they were flat.
 At 10:15 a.m. (1415 GMT), the S&P/TSX composite index .GSPTSE was up 10.11 points, or 0.09 percent, at 11,515.42. The TSX had rallied as much as 62 points early in the session.
 Agrium Inc (AGU.TO) was up 2 percent at C$56.56 after it agreed to sell part of a nitrogen fertilizer facility to Terra Industries TRA.N. [ID:nN19341430]
 “Clearly it’s still a market of stock picking and that’s what is going to drive the market here,” said Irwin Michael, portfolio manager at ABC Funds. “But we expect it to continue to be very volatile.”
 ($1=$1.04 Canadian)  (Editing by Peter Galloway)                                      

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