July 15, 2010 / 2:38 PM / 9 years ago

CANADA STOCKS-TSX drops as commodity prices hit by US data

 *TSX down 52.10 points, or 0.45 percent, at 11,568.06
 *Index drops as U.S. data hits commodity prices
 *Eight of 10 TSX groups lower  (Adds details, quotes)
 TORONTO, July 15 (Reuters) - Toronto’s main stock index fell on Thursday morning as oil and base metal prices faltered after U.S. data added to worries about economic recovery, pushing down the index’s heavily-weighted resource sectors.
 Key names on the downside included oil and gas companies Suncor Energy (SU.TO), down 1.3 percent at C$32.42, and Canadian Natural Resources (CNQ.TO), which dropped 1 percent to C$36.43. Oil prices fell below $76 a barrel. [O/R]
 The TSX move lower followed U.S. equities, which fell sharply on data that showed U.S. producer prices fell for a third straight month in June, pointing to sluggish growth. [O/R]
 As well, the Federal Reserve Bank of Philadelphia said its index of business conditions in the U.S. Mid-Atlantic region fell in July and missed forecasts. [TOP/NEWS]
 “They’re all guiding the same way,” said Francis Campeau, broker at MF Global Canada in Montreal. “They’re bearish indicators about the state of manufacturing in the U.S. right now”
 Base metals miner Teck Resources TCKb.TO fell 1.7 percent to C$33.91 as prices for industrial metals dropped after data in China pointed to a slowing growth outlook. [MET/L] [ID:nTOE66D06L]
 The cautious mood comes after the U.S. Federal Reserve released policy-meeting minutes on Wednesday that said additional steps may be needed to shore up the soft U.S. economy.[ID:nN14148574]
 At 10:15 a.m. (1415 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was down 52.10 points, or 0.45 percent, at 11,568.06, with eight of its 10 main sectors in the red.
 ($1=$1.04 Canadian)  (Reporting by Jennifer Kwan; editing by Peter Galloway)                                       

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