CANADA STOCKS-TSX turns lower as energy and banks retreat

Mon Oct 26, 2009 12:17pm EDT
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 * TSX down 121.02 points at 11,261.11.
 * Energy and bank shares lead pullback
 * Month-end positioning blamed for slide
 By Frank Pingue
 TORONTO, Oct 26 (Reuters) - Toronto's main stock index was
1 percent lower at midday on Monday as investors, positioning
for the upcoming month-end, pocketed early gains made by Suncor
Energy and its oil company peers.
 Shares of Suncor Energy (SU.TO: Quote), the biggest drag on the
index, were 2 percent lower at C$37.52, followed by Canadian
Natural Resources (CNQ.TO: Quote), which was down 1.5 percent at
 The slide in weighty energy stocks played a major role in
erasing a rally that had the index up as much as 143 points
early in the session.
 Investors ignored a rebound in oil prices above $81 a
barrel and instead opted to take profits with just four
sessions left before the end of October. [O/R]
 "The market opened strong out of the gate and there was
good follow-through in all the sectors and then it just sort of
hit a level where some selling came in and the buyers backed
away," said Bruce Latimer, trader at Dundee Securities.
 "I think we're going to see this intraday volatility for
the next few days as we are getting close to month-end."
 Canadian bank stocks handed back early gains recorded after
Genuity Capital raised its share-price target on all of
Canada's Big Five banks. [RCH/CA]
 Bank of Nova Scotia (BNS.TO: Quote) shares were down 0.7 percent
at C$46.00, while Toronto-Dominion Bank (TD.TO: Quote) shares fell 0.6
percent to C$64.58.
 At 12:10 p.m. (1610 GMT), the S&P/TSX composite index
.GSPTSE was down 121.02 points, or 1.06 percent, at
 ($1=$1.06 Canadian)
 (Editing by Peter Galloway)