CANADA STOCKS-TSX nudges 6-week low as China doubts hit oils

* S&P/TSX composite falls 0.37 percent to 11,311.95

* Energy shares lead way lower, gold offsets

* Uptick in U.S. consumer confidence helps pare TSX losses
(Adds details)

By Ka Yan Ng

TORONTO, Jan 26 (BestGrowthStock) – Toronto’s main stock index was
lower on Tuesday morning with energy producers pulled down by a
drop in oil prices as doubts grew about the robustness of
Chinese demand.

The price of oil slipped below $75 a barrel after China
implemented another clampdown on lending on Tuesday, which
knocked the index’s energy group down 1 percent, the steepest
fall among the index’s 10 main groups.

Shares of some of the country’s big banks and insurers,
were once again caught in a downdraft after a brief respite on
Monday. The financials sector has fallen in five of the last
six sessions. It was off 0.15 percent at midmorning.

But U.S. data that showed consumer confidence rose for the
third consecutive month in January helped the index pare
earlier deeper losses that had taken it to its lowest point
since Dec. 9. [ID:nN26357538]

Top heavyweight decliners included Suncor Energy (SU.TO: ),
down 1.3 percent at C$34.66, and Canadian Natural Resources
(CNQ.TO: ), down 1.15 percent at C$69.51. EnCana (ECA.TO: ) fell
1.1 percent to C$34.00.

Manulife Financial (MFC.TO: ) slipped 0.71 percent to
C$19.61, while Bank of Nova Scotia (BNS.TO: ) fell 0.38 percent
to C$44.91. But Royal Bank of Canada (RY.TO: ) tilted 0.13
percent higher to C$52.78.

At 10:27 a.m. (1527 GMT) the Toronto Stock Exchange’s
S&P/TSX composite index (.GSPTSE: ) was down 42.56 points, or
0.37 percent, at 11,311.95. The index topped 12,000 earlier
this year, but has since fallen more than 5 percent.

“It’s certainly not out of the blue or has caught anyone by
surprise. I see this more as buyers are stepping away as
opposed to an onslaught of selling,” said Bruce Latimer, a
trader at Dundee Securities.

“We are seeing some buying but they’re just selective and
standing firm on their prices. They’re not willing to chase
things.”

Gold producers headed higher on Tuesday, helping to limit
the market’s fall, despite a weaker price for the precious
metal. Five gold miners were among the top 10 heavyweight
advancers, led by Barrick Gold (ABX.TO: ), up 0.84 percent at
C$38.39.

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($1=$1.06 Canadian)
(Reporting by Ka Yan Ng; editing by Peter Galloway)

CANADA STOCKS-TSX nudges 6-week low as China doubts hit oils