CANADA STOCKS-TSX edges lower on oil, banks offset

Thu Feb 25, 2010 11:11am EST
 
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* TSX index down 0.06 percent at 11,514.48

* Energy shares lead slide, but banks offset

* Bombardier jumps more than 7 pct on C-Series deal (Adds details)

By Ka Yan Ng

TORONTO, Feb 25 (Reuters) - Toronto's main stock index was slightly lower on Thursday morning as oil prices sagged on concerns about the global economy, but healthy bank earnings cushioned the index's decline.

Energy shares were down 1.2 percent, pressured by sharply lower oil prices. Suncor Energy SU.TO, which was among the weakest heavyweights, fell 2.28 percent to C$30, while Canadian Natural CNQ.TO was off 1.6 percent at C$70.18.

Soft U.S. economic data cast doubt on the pace of the global economic recovery, while Greece's sovereign debt woes continued to weigh on investor sentiment. [ID:nN2597849] [ID:nN24204733] [ID:nTOE61O07J]

"There was a lot of positive economic news and now there's more benign news. So the market is drifting," said Paul Harris, portfolio manager at Avenue Investment Management.

At 11:00 a.m. (1600 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was off 7.35 points, or 0.06 percent, at 11,514.48, rebounding from an earlier decline of nearly 1 percent. Six of the index's 10 main groups were lower.   Continued...