CANADA STOCKS-Bargain-hunting helps TSX pare early losses

Fri May 21, 2010 10:54am EDT
 
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* TSX down 0.62 percent at 11,334.98

* Falls nearly 2 pct early on, lowest since Feb. 9

* Eight of 10 sectors lower (Adds details)

By Ka Yan Ng

TORONTO, May 21 (Reuters) - Toronto's main stock index recovered much of its near-2 percent drop on Friday as bargain hunters emerged after a six-day slide brought on by Europe debt woes and the outlook for global economic growth.

The index fell sharply to a 14-week low shortly after the open, deepest in the resources groups due to weak commodity prices, and in line with sliding global markets. [MKTS/GLOB]

But the TSX dramatically cut its losses as both the materials and energy sectors clawed back from more than 1 percent losses. Materials were up 0.36 percent, while energy was off 0.03 percent.

Teck Resources (TCKb.TO: Quote) rose 4 percent to C$33.25, while Talisman Energy TLM.TO gained 0.53 percent to C$17.03, and First Quantum Minerals (FM.TO: Quote) advanced 2.9 percent to C$62.20.

Weak spots were found among some banking and gold issues. Royal Bank of Canada (RY.TO: Quote) fell 1.1 percent to C$58.05, while Barrick Gold (ABX.TO: Quote) fell 1 percent to C$43.37.   Continued...