CANADA STOCKS-TSX slips on U.S. retail sales, commodities

* TSX down 55.75 points at 11,617.09

* Eight of 10 sectors lower
(Updates with details, commentary) (Read more stock market commentary today.

By Claire Sibonney

TORONTO, July 14 (BestGrowthStock) – Toronto’s main stock index
drifted lower on Wednesday as commodity prices softened and
weak U.S. retail sales data offset better than expected U.S.
corporate results.

Data showed a second straight month of declining U.S.
retail sales in June, though robust results from technology
bellwether Intel Corp (INTC.O: ) fed optimism that second-quarter
company earnings will impress investors. [.N]

As well, oil eased to below $77 a barrel, falling from a
two-week high, after a weekly industry report showed a surprise
increase in U.S. crude inventories, pushing down energy stocks
0.8 percent. [O/R]

Suncor Energy (SU.TO: ) lost 1.3 percent to C$32.74, while
Canadian Natural Resources (CNQ.TO: ) shed 1 percent to C$36.47.

The materials sector was also 0.5 lower after a rally in
gold and copper prices fizzled. [GOL/] [MET/L]

Barrick Gold Corp (ABX.TO: ) was down 0.5 percent to C$44.38,
and Teck Resources (TCKb.TO: ) slipped 0.9 percent to C$34.58.

“You’ve just got a little bit of a profit-taking pullback
here,” said Bruce Latimer, a trader at Dundee Securities.

On Tuesday, a broad rally TSX drove the TSX to touch a
two-week high.

“It’s really tough to say how today’s going to fare out. I
think people are just watching for particular earnings,”
Latimer added.

Shares of Corus Entertainment (CJRb.TO: ) rose 0.7 percent to
C$19.51, after reporting a quarterly profit, citing
strengthening advertising sales in both its television and
radio segments. [ID:nN13265871]

At 10:07 a.m. (1407 GMT), the Toronto Stock Exchange’s
S&P/TSX composite index (.GSPTSE: ) was down 55.75 points, or
0.48 percent, at 11,617.09. Eight of the 10 sectors were lower.
Technology and telecom stocks were slightly higher.

“If you look at the last few weeks, the market has had a
nice move and we’re just going to consolidate that move and
digest it,” said Latimer.

He also noted that some investors will be sitting on the
sidelines ahead of a raft of major Chinese economic data on
Thursday including figures on inflation, industrial output,
retail sales and growth domestic product. (ECONCN: )

In other company-specific news, shares of Sprott Inc
(SII.TO: ), one of Canada’s best-known fund managers, jumped 3
percent to C$3.40 after the company said Peter Grosskopf will
take over as chief executive, replacing Eric Sprott.

Investors are also looking ahead to the Federal
Reserve’s economic forecasts, which will be released Wednesday
afternoon alongside the minutes from the Fed’s most recent
monetary policy meeting.
(Reporting by Claire Sibonney; Editing by Jeffrey Hodgson)

CANADA STOCKS-TSX slips on U.S. retail sales, commodities