June 7, 2010 / 2:56 PM / 9 years ago

CANADA STOCKS-TSX see-saws higher but growth concerns weigh

* TSX up 28.2 points at 11,598.54

* Energy, golds, financials higher

* Base metals weigh

By Claire Sibonney

TORONTO, June 7 (Reuters) - Toronto’s main stock index edged slightly higher in volatile trading on Monday as energy, gold and financial issues rose, but gains were limited as weakness in copper prices weighed on the materials sector.

Energy stocks edged 0.3 percent higher after oil recovered early losses of almost 3 percent as a dip below the $70 a barrel level brought out bargain-hunters. [O/R]

Canadian Natural Resources (CNQ.TO) gained 1 percent to C$36.91 but Suncor Energy (SU.TO) was down 0.5 percent at C$32.31.

Barrick Gold Corp (ABX.TO), the world’s largest producer, was up 0.6 percent at C$44.19, but Teck Resources TCKb.TO, Canada’s biggest base metals producer, slid 0.8 percent to C$32.51.

Among the gainers, financials were up 0.2 percent with Toronto-Dominion Bank (TD.TO) 0.3 percent higher at C$70.25. However, Royal Bank of Canada (RY.TO), the country’s largest lender was down 0.3 percent at C$53.38.

“The big story is the global growth outlook, which, following the G20 meeting this weekend, is kind of the perceived risk,” said Francis Campeau, a broker at MF Global Canada, in Montreal.

The Group of 20 leading economies reached an uneasy compromise on Saturday over the speed of budget cuts needed to calm global financial markets rattled by a spreading debt crisis in Europe. [ID:nSGE656024]

At 10:30 a.m. (1430 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 28.2 points, or 0.25 percent, at 11,598.54. However, trading was choppy as the index slipped into negative territory several times after the open.

Concerns that Hungary may be the next victim of Europe’s debt crisis and disappointing U.S. employment data last week have unsettled global markets and knocked back commodity prices, with a steep selloff seen on Friday. [MKTS/GLOB] [GOL/] [MET/L]

Market players also pointed to critical support levels for the S&P 500 in the wake of Friday’s selloff in the absence of U.S. economic and earnings news. The index has tumbled 12.5 percent since its April 23 high for the year.

On Friday, the S&P 500 fell below 1,070, which was considered a support level for the index, and closed just below the intraday low the market reached during the “flash crash” on May 6.

“We’re not out of trouble just yet,” noted Campeau.

$1=$1.06 Canadian Reporting by Claire Sibonney; editing by Rob Wilson

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