July 22, 2009 / 8:51 PM / 10 years ago

CANADA STOCKS-TSX sags for second day in broad retreat

* TSX down 0.79 pct at 10,432.35

* Energy sector off 1.13 percent on lower oil prices

* Financial group turns lower at session’s end (Adds details, quotes)

By Ka Yan Ng

TORONTO, July 22 (Reuters) - Toronto’s main stock index finished lower on Wednesday in a broad retreat led by energy and materials issues.

Financial shares also turned lower heading into the end of the session, erasing the support they had given the TSX for most of the day.

The TSX’s energy group seesawed throughout the day in a volatile session, eventually finishing down 1.13 percent, as the price of oil CLc1 settled lower at $65.40 a barrel, though off session lows.

Suncor, which is taking over Petro-Canada to become the country’s largest oil company, reported a second-quarter loss, hit by low oil and gas prices. Another major energy player, Precision Drilling Trust PD_u.TO, said its second-quarter profit surged, thanks to its takeover of Grey Wolf Inc late last year. [ID:nN22314803]

Suncor Energy (SU.TO) fell 0.55 percent to C$36.00, while Petro-Canada PCA.TO lost 0.43 percent to C$45.95. Precision Drilling was up 0.37 percent at C$5.48.

Canadian Natural Resources, the most influential mover to the downside, was off 3.2 percent at C$60.57.

The mining-laden materials sector also dragged on the overall index, falling 1.2 percent. One of the biggest decliners was Potash Corp POT.TO, down 3.05 percent at C$97.50, as the outlook for global fertilizer prices tumbled.

The S&P/TSX composite index .GSPTSE finished down 82.97 points, or 0.79 percent, at 10,432.35. Nine of its 10 main groups were lower, with the exception of the information technology group.

It was the second straight lower close after a six-session rally.

“We’ve had a nice little run, but when you look at the charts the charts are telling me that this has been coming,” said Steve Ibel, institutional equities trader at Beacon Securities in Halifax, Nova Scotia.

$1=$1.10 Canadian Additional reporting by Nina Lex; editing by Rob Wilson

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