October 26, 2009 / 4:22 PM / 9 years ago

CANADA STOCKS-TSX turns lower as energy and banks retreat

 * TSX down 121.02 points at 11,261.11.
 * Energy and bank shares lead pullback
 * Month-end positioning blamed for slide  (Recasts)
 By Frank Pingue
 TORONTO, Oct 26 (Reuters) - Toronto’s main stock index was 1 percent lower at midday on Monday as investors, positioning for the upcoming month-end, pocketed early gains made by Suncor Energy and its oil company peers.
 Shares of Suncor Energy (SU.TO), the biggest drag on the index, were 2 percent lower at C$37.52, followed by Canadian Natural Resources (CNQ.TO), which was down 1.5 percent at C$73.29.
 The slide in weighty energy stocks played a major role in erasing a rally that had the index up as much as 143 points early in the session.
 Investors ignored a rebound in oil prices above $81 a barrel and instead opted to take profits with just four sessions left before the end of October. [O/R]
 “The market opened strong out of the gate and there was good follow-through in all the sectors and then it just sort of hit a level where some selling came in and the buyers backed away,” said Bruce Latimer, trader at Dundee Securities.
 “I think we’re going to see this intraday volatility for the next few days as we are getting close to month-end.”
 Canadian bank stocks handed back early gains recorded after Genuity Capital raised its share-price target on all of Canada’s Big Five banks. [RCH/CA]
 Bank of Nova Scotia (BNS.TO) shares were down 0.7 percent at C$46.00, while Toronto-Dominion Bank (TD.TO) shares fell 0.6 percent to C$64.58.
 At 12:10 p.m. (1610 GMT), the S&P/TSX composite index .GSPTSE was down 121.02 points, or 1.06 percent, at 11,261.11.
 ($1=$1.06 Canadian)  (Editing by Peter Galloway)                                      

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