RPT-CANADA STOCKS-TSX extends slide after soft U.S. data

Fri May 28, 2010 1:06pm EDT
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 (Repeats to add dropped letter to word "MARKETS" in slug) 
 * TSX down 99.99 points at 11,649.13
 * Banking shares lead index lower
 * Eight of the index's 10 main groups down
 (Recasts, updates prices, adds details, quotes)
 By Claire Sibonney
 TORONTO, May 28 (Reuters) - Toronto's main stock index
extended losses  on  Friday afternoon as weak U.S. economic
data undermined confidence in recovery and as investors moved
to the sidelines ahead of a long weekend in the United States.
Data showed U.S. consumer spending was unexpectedly flat
last month and growth in business activity in the Midwest
 That drove down U.S. stock markets, and commodity prices,
including key Canadian exports oil, gold and copper, eased.
[O/R] [GOL/] [MET/L]
 "We're heading into a long weekend, with U.S. markets
closed on Monday, and we've got a very choppy and fragile
market," said Barry Schwartz, vice president and portfolio
manager at Baskin Financial Services.
 Monday is the Memorial Day holiday in the United States.
 "If there's any bad news out of Spain or Korea, or anywhere
in the euro zone (over the three-day weekend), then people
don't want to be locked into stocks."
 Heavyweight names on the downside included Royal Bank of
Canada RY.TO, which dropped 2.8 percent to C$55.26. Barrick
Gold Corp ABX.TO was off more than 1 percent at C$44.10, and
Teck Resources TCKb.TO slid 2.5 percent to C$35.87.
 Among the gainers, Cenovus Energy CVE.N added 1.6 percent
to C$26.95, and Canadian Natural Resources CNQ.TO rose 0.5
percent to C$36.66.
 At 12:45 p.m., (1645 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was down 99.99 points, or
0.85 percent, at 11,649.13, with eight of its 10 main groups
 "All in, a real brutal month of May. The sooner we can get
it closed the better," Schwartz said.
 The TSX opened higher, supported by strength in energy
shares and global stocks, but eventually it slid decidedly
lower in line with U.S. equities.
($1=$1.05 Canadian)
 (Editing by Peter Galloway)