CANADA STOCKS-TSX edges lower as oils, golds retreat

Wed Jul 28, 2010 10:52am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX down 24.05 points at 11,692.64

* Half of 10 main sectors lower (Updates with details, commentary)

By Claire Sibonney

TORONTO, July 28 (Reuters) - Toronto's main stock index declined slightly in wobbly trade on Wednesday morning on mixed commodity prices, a fresh slew of company earnings and disappointing U.S. data.

Oil prices extended losses after weak inventory data further fueled doubts about the pace of recovery in energy demand. [O/R] That pushed energy stocks down 0.5 percent, with Canadian Natural Resources CNQ.TO sliding 0.7 percent to C$36.59.

Husky Energy HSE.TO, Canada's No. 3 integrated oil production and refining company, sank 5 percent to C$25.07 after reporting a 23 percent drop in second-quarter profit, hurt by lower production at its White Rose oil project off the coast of Newfoundland. [ID:nSGE66R0IK]

Enbridge ENB.TO slipped 1.9 percent to C$50.56 despite a second-quarter operating profit that was up 19 percent, driven by growth in both its natural gas delivery and oil pipeline businesses. [ID:nN28159039]

Gold and base metal miners were also lower, despite firm metal prices. Barrick Gold Corp ABX.TO was down 0.4 percent at C$41.28, while Teck Resources TCKb.TO dropped 2.1 percent to C$35.15, after reporting a higher quarterly profit late on Tuesday. [ID:nN27226651]

"It's choppy maybe because traders are a little nervous, but there's not really any new information coming out into the market," said Aaron Fennell, senior market strategist and portfolio manager at Lind Waldock.   Continued...