4 Min Read
* 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.
"It's a really mixed day with no real direction so far."
Financials, however, were 0.4 percent higher, building on the previous day's rally after after two top European banks -- UBS UBSN.VX (UBS.N) and Deutsche Bank (DBKGn.DE)(DB.N) -- posted results on Tuesday that reassured investors following last week's regulatory stress tests.
At 10:22 a.m. (1422 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 24.05 points, or 0.2 percent, at 11,692.64, with it 10 main sectors split between positive and negative.
U.S. indexes similarly struggled for direction after data showed orders for durable goods unexpectedly fell in June and Boeing Co's (BA.N) 2010 profit outlook missed Wall Street's forecast. [.N]
"The main aspect of the summer is that volatility starts to drop off, a lot of traders tend to sort of trade less frequently ... We've seen the VIX (volatility index) drop off pretty consistently over the last few weeks," added Fennell, noting as well the TSX's recent trend to see-saw around the unchanged mark.
In other domestic earnings, Canadian Pacific Railway (CP.TO) was little changed at $59.79 after posting a 30 percent jump in quarterly profit on the back of volume growth and cost controls. [ID:nN27149660]
TMX Group (X.TO), operator of the Toronto Stock Exchange, fell 0.9 percent to C$29.07 after posting a marginal increase in quarterly profit as a rise in revenue was partially offset by a decline in its U.S. derivatives markets and higher expenses. [ID:nSGE66R0FI]
Torstar Corp (TSb.TO) shed 3 percent to C$10.01, after the publisher posted a second-quarter profit, helped by strength at its newspapers and digital segment, but said it continues to be cautious on the segment's revenue outlook. [ID:nSGE66R0G0]
$1=$1.04 Canadian Reporting by Claire Sibonney; editing by Rob Wilson