CANADA STOCKS-TSX slips as commodities lose steam

* TSX down 34.68 points at 12,176.84.

* Energy, materials drag index lower

By Claire Sibonney

TORONTO, April 16 (BestGrowthStock) – Toronto’s main stock index
fell on Friday morning, pushed lower by a dip in commodity
prices as investor concern about the outlook for global demand
hit resource shares.

Oil prices fell below $85 a barrel as doubts over U.S.
crude demand re-emerged and the U.S. dollar strengthened,
making imports more expensive for emerging economies where
consumption is surging. [O/R]

The energy sector was set back 0.9 percent as Suncor Energy
Inc (SU.TO: ), Canada’s biggest oil company, dropped 1.5 percent
to C$34.28 and EnCana Corp (ECA.TO: ), the country’s largest
natural gas producer, fell 1.1 percent to C$31.60.

Athabasca Oil Sands Corp (ATH.TO: ) was off 0.6 percent at
C$14.52, continuing a slide that began when it went public at
C$18 a share a week ago. Some portfolio managers attribute the
decline to an overhang in stock issued before it debuted on the
TSX.

“There is a huge overhang of stock from people who had
bought Athabasca Oil Sands as a private company,” said a
portfolio manager who did not participate in the IPO.

“Those people have been there for a few years, so they are
likely sellers.”

The materials sector was down 0.6 percent as gold eased
against a stronger greenback and copper prices were pressured
by concerns of China’s economy (Read more about the fastest growing economy.) overheating. [GOL/] [MET/L]

Barrick Gold Corp (ABX.TO: ), the world’s biggest gold
producer, slipped 0.4 percent to C$39.79, while Teck Resources
(TCKb.TO: ), Canada’s biggest miner of base metals, lost 1.9
percent to C$43.86.

At 10:20 a.m. (1420 GMT), the Toronto Stock Exchange’s
S&P/TSX composite index (.GSPTSE: ) was down 34.68 points, or
0.28 percent, at 12,176.84.

“It’s a slightly weaker opening across the board here,”
said Bruce Latimer, a trader at Dundee Securities.

“You had a pretty good day in the markets yesterday, so
it’s just a little bit of a giveback here.”

Investing Advice

(Additional reporting by Pav Jordan; editing by Rob Wilson)

CANADA STOCKS-TSX slips as commodities lose steam