UPDATE 4-Toronto stocks slide as materials drag

Fri Aug 1, 2008 5:08pm EDT
 
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* TSX falls as resource shares follow metal prices down

* Nortel slides on warning of tough U.S. market

* Economic woes weigh after U.S. jobless data

By Leah Schnurr

TORONTO, Aug 1 (Reuters) - The Toronto Stock Exchange's main index sagged nearly 100 points on Friday, dragged lower as resource shares were stung by falling metal prices amid worries over dampening demand.

Prices for copper and other metals fell following weak U.S. jobs data that fueled worries over the health of the economy, sending the resource-laden materials sector down. Among the laggards, Inmet Mining IMN.TO was off 4.4 percent.

Economic data out of the United States set the tone early as the unemployment rate hit its highest level in four years in July, while employers cut jobs for a seventh straight month.

The number of jobs cut was less than expected, which provided some initial relief, but the tone turned negative as investors fretted over the gloomy economic picture.   Continued...