May 7, 2010 / 2:20 PM / 9 years ago

CANADA STOCKS-TSX falls, hurt by weaker energy shares

 * TSX down 127.82 points, or 1.08 pct, at 11,714.61.
 * Weaker oil prices weigh
 * Investor concern after Thursday plunge cited
 By Jeffrey Hodgson
 TORONTO, May 7 (Reuters) - Toronto’s main stock index fell more than 1 percent on Friday, with heavily weighted energy stocks following crude prices lower and investor confidence shaken by Thursday’s stunning sell-off.
 The index fell as much as 3.8 percent on Thursday, its steepest one-day percentage fall since June 2009, before ending just 0.28 percent lower.
 The mystery surrounding the magnitude of the drop spurred some market players to lighten equity holdings.
 “We’re still in the aftershocks of yesterday’s spectacular plunge,” said Rick Hutcheon, president and chief operating officer at RKH Investments.
 “Yesterday would shake people’s confidence... Greece and the whole European mess doesn’t seem to be resolved. There’s a lot of uncertainty and managers’ normal reaction to uncertainty is to sell, take money off the table.”
 Energy shares .SPTTEN, down more than 1 percent, were among the heaviest decliners. Suncor Energy Inc (SU.TO) fell nearly 2 percent to C$31.77, while Canadian Natural Resources Ltd (CNQ.TO) fell 1.5 percent to C$71.58.
 Canadian Natural on Thursday said first-quarter profit more than doubled on higher oil production and stronger prices.
 Oil fell below $77 a barrel on Friday as better-than-expected U.S. jobs data pushed up the dollar. [O/R]
 Lingering concerns that the Greek crisis may widen to other euro zone countries and threaten the global economic recovery also weighed on oil prices and the broader equity market.
 At 10:03 (14:03 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was down 127.82 points, or 1.08 percent, at 11,714.61.  (Editing by Janet Guttsman)   

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