CANADA STOCKS-TSX pulled lower by U.S. data, commodity drop

Tue Jun 22, 2010 10:58am EDT
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 *TSX down 18.23 points, or 0.15 percent, at 11,917.85
 *Seven of index's 10 main groups lower
 *Magna shares up 2 pct after report of shareholder vote
 (Adds details, quotes)
 By Jennifer Kwan
 TORONTO, June 22 (Reuters) - Toronto's resource-heavy main
stock index stumbled on Tuesday morning, pushed lower by weak
commodity-linked issues and by data that showed a surprise drop
in U.S. home sales.
 In the index's oil and gas group, Suncor Energy SU.TO was
down 0.7 percent at C$34.29, and Encana Corp ECA.TO fell 0.7
percent to C$34.98. Miner First Quantum Minerals FM.TO fell
1.2 percent to C$63.80.
 Resource-linked shares dropped with oil and base metals
prices as expectations grew that a slow rise in China's yuan
would have a more limited impact on demand than initially
anticipated. [O/R] [MET/L]
 As well, U.S. data that showed existing home sales fell in
May raised doubts about the pace of economic recovery [.N],
said John Ing, president of Maison Placements Canada.
 "What's happening is that evidence of a slowdown is
increasing and that's bothering investors because, as we know,
the recovery is in a very fragile and tenuous state," Ing
 At 10:25 a.m. (1425 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was down 18.23 points, or
0.15 percent, at 11,917.85, with seven of its 10 main sectors
 Gold miners' shares rose with bullion prices XAU=, which
climbed in part on persistent euro zone debt concerns.[GOL/]
World No. 1 gold producer Barrick Gold ABX.TO was up 0.9
percent at C$46.26, and Goldcorp G.TO was up 0.8 percent at
C$45.69 as
 Shares of Magna International Inc MGa.TO climbed 2
percent to C$70.70. A majority of Magna shareholders have cast
early votes in support of the auto-parts maker's controversial
plan to pay its founder a big premium to loosen his control,
the Globe and Mail newspaper said on Tuesday. [ID:nN22114898]
 Drugmaker Biovail Corp BVF.TO was up 8.8 percent at
C$18.51. The company announced on Monday it will take over
U.S-based Valeant Pharmaceuticals International VRX.N in a
complex deal that the companies said will position them better
to serve the growing baby boomer market. [ID:nSGE65K07S]
 ($1=$1.02 Canadian)
 (Reporting by Jennifer Kwan; editing by Peter Galloway)