CANADA STOCKS-TSX sags for second day in broad retreat

Wed Jul 22, 2009 4:49pm EDT
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* TSX down 0.79 pct at 10,432.35

* Energy sector off 1.13 percent on lower oil prices

* Financial group turns lower at session's end (Adds details, quotes)

By Ka Yan Ng

TORONTO, July 22 (Reuters) - Toronto's main stock index finished lower on Wednesday in a broad retreat led by energy and materials issues.

Financial shares also turned lower heading into the end of the session, erasing the support they had given the TSX for most of the day.

The TSX's energy group seesawed throughout the day in a volatile session, eventually finishing down 1.13 percent, as the price of oil CLc1 settled lower at $65.40 a barrel, though off session lows.

Suncor, which is taking over Petro-Canada to become the country's largest oil company, reported a second-quarter loss, hit by low oil and gas prices. Another major energy player, Precision Drilling Trust PD_u.TO, said its second-quarter profit surged, thanks to its takeover of Grey Wolf Inc late last year. [ID:nN22314803]

Suncor Energy (SU.TO: Quote) fell 0.55 percent to C$36.00, while Petro-Canada PCA.TO lost 0.43 percent to C$45.95. Precision Drilling was up 0.37 percent at C$5.48.   Continued...