CANADA STOCKS-TSX seesaws after bin Laden news, golds drop

Mon May 2, 2011 9:52am EDT
 
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TORONTO May 2 (Reuters) - Toronto's main stock index bounced around the unchanged mark in early dealings on Monday as a lower gold price weighed on a market that was otherwise buoyed by news that al Qaeda leader Osama bin Laden had been killed in a U.S.-led operation in Pakistan.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE opened 1.29 points lower at 13,943.50, popped briefly into positive territory, and then turned lower again.

Seven of the index's 10 sectors were up as news of bin Laden's death raised hopes that geopolitical risks will ease. But a near 1-percent fall in the index's materials group, pulled down by the gold price, nearly wiped out those gains. (Reporting by Ka Yan Ng; editing by Peter Galloway)