CANADA STOCKS-TSX slips as oil and gold prices weaken

* TSX falls 79.38 points, or 0.65 percent, to 12,116.59

* Six of 10 index groups lower

* Consumer stocks steady on strong earnings
(Updates closing numbers, adds quotes)

By Jennifer Kwan

TORONTO, May 13 (BestGrowthStock) – Toronto’s main stock index
finished lower for the first time in four sessions on Thursday
as weaker oil and gold prices pushed down heavily weighted
resource issues.

The price of oil dropped below $75 a barrel, hurt by high
U.S. inventories and doubts about economic recovery, and that
helped push energy shares down 0.7 percent. [O/R] The index’s
other key resource group, materials, sank 1.5 percent as the
price of bullion pulled back after its recent runup. [GOL/]

Suncor Energy (SU.TO: ) fell 0.2 percent to C$32.84, while
Canadian Natural Resources (CNQ.TO: ) dropped 1.5 percent to
C$72.73. Barrick Gold (ABX.TO: ) shed 1.7 percent to C$45.76.

Global stocks faltered on Thursday due to anemic U.S. jobs
data and worries that growth in Europe will slow due to
belt-tightening in heavily indebted countries. [MKTS/GLOB]
[.N]

“Now that people have had a bit of time to think about it,
I would guess there are still deep concerns over what’s
happening in Europe,” said Michael Sprung, president at Sprung
& Co. Investment Counsel.

The Toronto Stock Exchange’s S&P/TSX composite index
(.GSPTSE: ) retreated 79.38 points, or 0.65 percent, to
12,116.59. Six of its 10 main groups were lower.

The index had risen for three straight sessions heading
into Thursday, rebounding from a 4.2 rout last week that was
spurred by fears that Greece’s debt crisis would spread to
other euro zone countries.

Strength in some consumer-related stocks helped to limit
the index’s fall. The group was buoyed by strong profits from
several companies including Gildan Activewear (GIL.TO: ) and Tim
Hortons (THI.TO: ). [ID:nN13261938] [ID:nN13267932]

T-shirt maker Gildan climbed 3.3 percent to C$31.20, while
ubiquitous coffee shop chain Tim Hortons was up 3.3 percent at
C$35.48.

Elsewhere in the market, Penn West Energy Trust (PWT_u.TO: )
said it will sell a 45 percent stake in a planned oil sands
project to China Investment Corp (Read more about U.S. companies investment into China) for C$817 million, the latest
in a series of Canadian companies turning to China for cash to
develop the massive resource. Penn West rose 3.8 percent to
C$20.19.

Stock Basics

($1=$1.02 Canadian)
(Reporting by Jennifer Kwan; editing by Peter Galloway)

CANADA STOCKS-TSX slips as oil and gold prices weaken