CANADA STOCKS-TSX slips with energy, bank shares after jobs data

Fri May 9, 2014 11:05am EDT

* TSX falls 35.37 points, or 0.24 percent, to 13,510.66
    * Six of 10 main index sectors decline
    * Materials sector climbs with commodity prices

    By John Tilak
    TORONTO, May 9 (Reuters) - Canada's main stock index
declined on Friday after declines in the energy and financial
sectors weighed on the market following unexpectedly sluggish
jobs data and worries about the situation in Ukraine.
    President Vladimir Putin flew in to Crimea for parades
marking the Soviet victory in World War Two, while eight people
were reported killed in Ukraine. 
    Government data showed that the Canadian economy lost 28,900
jobs in April, indicating across-the-board weakness and
confirming the labor market is adding jobs at a more sluggish
pace than in the United States. 
    "This is indicative of the underlying weakness in the
Canadian economy," said Philip Petursson, managing director,
portfolio advisory group, at Manulife Asset Management. "It does
raise some concern about the health of the Canadian economy
overall."
    But the TSX is likely to benefit this year from strength in
the energy sector, which could gain from higher oil prices and a
weaker dollar, among other factors, he said. Despite a decline
on Friday, the group is up about 12 percent this year.
    "There are some positive catalysts and conditions to allow
for energy stocks, which are cheaper than the broader market, to
continue to outperform," Petursson said.
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 35.37 points, or 0.24 percent, at 13,510.66.
It looked set to record a weekly decline.
    Six of the 10 main sectors on the index were in the red.
    Financials, the index's most heavily weighted sector,
declined 0.3 percent. Toronto Dominion Bank shed 0.4
percent to C$52.06, and Royal Bank of Canada was down
0.3 percent at C$73.03.
    Shares of energy companies lost 1.2 percent, with Suncor
Energy Inc dropping 0.6 percent to C$41.96. 
    But the materials sector, which includes mining stocks,
advanced, supported by gains in the prices of commodities such
as bullion, silver and copper.
    Barrick Gold Corp jumped 1.8 percent to C$18.92,
and Goldcorp Inc added 0.6 percent to C$27.12.

 (Editing by W Simon)
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