CANADA STOCKS-TSX falls for 2nd straight day, still up on week

Wed Mar 25, 2009 4:55pm EDT
 
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* TSX slides 51.95 points to 8,797.44

* Lower oil prices rattle energy shares

* Weak bond auctions drags on sentiment

* Index on track to record first monthly gain since August (Adds details, comments, official numbers)

By Frank Pingue

TORONTO, March 25 (Reuters) - Toronto's main stock index closed lower on Wednesday as a slide in oil prices shook the weighty energy sector while disappointing debt auctions rattled U.S. stocks and hurt sentiment in Canada.

Oil prices fell after U.S. data showed crude stocks were at their highest levels since 1993, which sparked a selloff in energy issues, which make up about 22 percent of the Toronto Stock Exchange's main index.

Shares of EnCana Corp (ECA.TO: Quote) fell 2.5 percent to close at C$53.12, while Nexen Inc NXY.TO shares tumbled 4 percent to end the session at C$20.41.

Also weighing on investor sentiment was a debt auction that showed weak demand for the U.S. Treasury's five-year notes. Britain saw its first failed government debt auction since 2002. [ID:nLP365058] and [ID:nLP365058]   Continued...