CANADA STOCKS-TSX flat as energy shares erode early rally

Mon Oct 19, 2009 10:22am EDT
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 * 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
 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)