Toronto stocks open lower as resources weigh

Wed Sep 3, 2008 9:47am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

TORONTO, Sept 3 (Reuters) - The Toronto Stock Exchange's main index opened lower on Wednesday, extending its losses after a big tumble the day before, as weakness in commodity-related stocks weighed.

Shortly after the open, the S&P/TSX composite index .GSPTSE was down 36.40 points, or 0.3 percent, at 13,263.14, with all 10 of its main groups lower.

This follows the benchmark index's more than 3 percent tumble on Tuesday, triggered by a steep drop in the price of crude oil.

It was the biggest one-day percentage loss for the benchmark index since January when Bay Street was pummeled by fears over the U.S. economic outlook.

The key energy sector was down 0.3 percent as oil slid to around $108 a barrel on slowing demand in the United States and other consuming nations. EnCana Corp ECA.TO slipped 0.3 percent to C$75.40.

Materials, home to resource stocks, dropped 0.4 percent on oil's slide and a firmer U.S. dollar. Barrick Gold ABX.TO fell 1.3 percent to C$34.56.

In economic news, the Bank of Canada held its key interest rate steady at 3 percent on Wednesday, a move that was widely expected. It gave no indication of future interest rate moves, but it was more downbeat on the prospects for U.S. and Canadian economic growth. ($1=$1.06 Canadian) (Reporting by Jennifer Kwan; Editing by Scott Anderson)