August 13, 2010 / 3:18 PM / 9 years ago

CANADA STOCKS-TSX edges down on tepid economic data

* TSX down 11.16 points at 11,512.44

* Six of 10 sectors lower (Updates with details, commentary)

By Claire Sibonney

TORONTO, Aug 13 (Reuters) - Toronto’s main stock index edged lower in wobbly trading on Friday morning after a slew of mixed data suggested tepid economic growth for the United States.

The heavyweight energy, financial and materials sectors were down, but the gold mining group, off more than 1 percent, was the biggest drag on the index as the price of the precious metal retreated from a one-month high after the somewhat positive U.S. retail sales and inflation data. [GOL/]

Barrick Gold Corp (ABX.TO) lost 0.7 percent to C$44.75 while Goldcorp Inc (G.TO) shed 1.3 percent to C$41.46.

A Thomson Reuters/University of Michigan survey found U.S. consumer sentiment inched up in early August and U.S. business inventories rose in June to their highest level in a year, but sales fell.

Earlier, data showed U.S. retail sales rebounded in July but showed hints of lingering economic softness, underscored by separate figures indicating underlying inflation pressures were stuck at their lowest level since the 1960s. [ID:nN13180040]

“From what I saw (the U.S. inflation and retail sales data) wasn’t horrid but it wasn’t great. It was kind of in line with expectations,” said Bruce Latimer, a trader at Dundee Securities.

“We’ve had a little profit-taking in the market this week and I think you’re going to start to see people step in at certain levels and start to acquire stocks that they feel are undervalued.”

At 10:43 a.m. (1443 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was off 11.16 points, or 0.1 percent, at 11,512.44. Six of the 10 main sectors were lower.

BlackBerry maker Research In Motion RIM.TO fell another 1.2 percent to C$55.77 despite its giving assurances to India on access to encrypted services. [ID:nBMA008251]

Enbridge Inc (ENB.TO) rose 0.2 percent to C$50.53 after the company said it has not been forced to ration oil shipments on its North American pipeline system because of its Michigan oil spill. [ID:nN12132779]

Cameco Corp (CCO.TO) lost 0.6 percent to C$25.87 after the top uranium producer reported a weaker second-quarter operating profit, as results were hurt by lower sales volumes and a lower realized selling price. [ID:nN05169592]

Loblaw Cos (L.TO) added 1 percent to C$43.43 after announcing it will close its Halifax distribution center in Nova Scotia to reduce excess capacity in the Atlantic region. [ID:nSGE67B0NS]

Alimentation Couche-Tard (ATDb.TO) rose 0.3 percent to C$21.46 after U.S. rival Casey’s General Stores (CASY.O), which is fighting a hostile takeover bid, urged shareholders to vote against an attempt by Couche-Tard to gain influence over its board of directors. [ID:nN1263190]

$1=$1.04 Canadian Reporting by Claire Sibonney; editing by Rob Wilson

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