* TSX down 16.12 points at 13,067.88
* Seven of 10 sectors weaker
(Updates with details, commentary)
By Claire Sibonney
TORONTO, June 13 Toronto's main stock index
drifted lower on Monday on worries over the outlook for the
global economy, though losses were limited as bargain-hunters
sought deals after the TSX hit a six-month low on Friday.
Energy shares were the heaviest drag on the index, falling
0.6 percent as U.S. crude prices dipped as increasing signs of
a global slowdown prompted risk aversion. [O/R]
Canadian Natural Resources (CNQ.TO) lost 0.9 percent to
C$39.00, while Canadian Oil Sands Trust COS.TO dropped 1.3
percent to C$28.59.
"There is little if any news recently that is going to
cause anybody to get excited about the market, and as long as
that's the case, you've got nothing to go on," said Fred
Ketchen, director of equity trading at ScotiaMcLeod.
At 10:31 a.m. (1431 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was down 16.12 points, or
0.12 percent, at 13,067.88.
Seven of the 10 main sectors were weaker, including
financials, which dipped 0.1 percent. Royal Bank of Canada
(RY.TO), down 0.6 percent at C$54.02, was the top decliner.
Ketchen noted that the TSX is still down almost 3 percent
for the year, while U.S. indexes are up, despite six straight
weeks of losses.
"(Investors) look at spotty economic recovery and it is
spotty for the most part -- it's not a disaster -- but at the
same time we would like to see it a little more on the stronger
Influential gold miners were off slightly, weighed down by
softer bullion prices. Goldcorp Inc (G.TO), retreated 0.1
percent to C$46.17. [GOL/]
Bickering between euro zone policymakers over the Greek
debt crisis also hurt market sentiment.
European policymakers appeared deadlocked on how private
investors could be involved in some form of restructuring of
TMX Group (X.TO) rose 1.4 percent to C$44.41 after Maple
Group filed a C$3.7 billion hostile bid for the exchange
(Reporting by Claire Sibonney; editing by Rob Wilson)