(Updates market action and adds analyst's comments)
* TSX down 52.97 points, or 0.37 percent, at 14,323.27
* Six of the TSX's 10 main groups were down
By Solarina Ho
TORONTO, July 22 (Reuters) - Canada's main stock index fell
on Wednesday, but was well off session lows, as weakness in
heavily weighted bank, oil, and mining shares continued to
pressure the market.
Oil prices dropped as U.S. inventories rose, with U.S crude
CLc1 prices down 1.2 percent at $50.25 a barrel, while Brent
crude LCOc1 lost 0.7 percent to $56.64. O/R
Those drops pulled the Toronto index's energy sector down
0.7 percent after a bigger loss earlier in the day.
Pipeline company Enbridge Inc ENB.TO topped the index's
losers, giving up 1.82 percent to C$56.61. Oil producer Canadian
Natural Resources CNQ.TO was not far behind, declining 1.0
percent to C$31.43.
At 11:12 a.m. EDT (1512 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was down 52.97 points, or 0.37
percent, at 14,323.27. That was well off the 1 percent drop hit
shortly after the open.
Of the index's 10 main groups, six were in negative
territory. Declining issues outnumbered advancing ones for a
1.95-to-1 ratio on the downside. The index was posting five new
52-week highs and 39 new lows.
"It's the summer doldrums, so there are few bulls around,"
said John Ing, president of Maison Placements Canada.
"Technically we're oversold, we're due for at least the odd
dead-cat bounce ... but I suspect this has got to wring itself
out."
The index's materials group, home to mining companies, also
pared earlier losses, but was still trading 0.7 percent lower.
First Quantum Minerals FM.TO fell 3.6 percent to C$13.49.
Gold futures GCc1 fell 1.3 percent to $1,088.70. Prices
had slid to five-year lows as investors continued to pull away
from the safe-haven precious metal. Copper prices CMCU3
slipped 1.6 percent to $5,366.5 a tonne. Prices touched a
two-week low on rising concerns over demand from China, a top
consumer. GOL/ MET/L
Financials were off 0.3 percent, with Royal Bank of Canada
RY.TO giving back 0.6 percent to C$76.13.
Bombardier Inc BBDb.TO was also a heavy decliner, falling
more than 16.1 percent to C$1.50. The struggling Canadian plane
and train maker's CSeries jetliner program has been plagued with
years of cost overruns and delays, while the company has made a
long string of management changes over the past year.
Among gainers, Canadian Pacific Railway CP.TO recouped
some of Tuesday's sell-off after it cut its full-year forecasts,
and rose 3.9 percent to C$202.62.
($1=$1.30 Canadian)