Toronto stocks slip on weak energy prices

Tue Jun 3, 2008 9:57am EDT
 
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TORONTO, June 3 (Reuters) - Toronto's main stock market index opened lower on Tuesday, weighed by weak energy prices and General Motors (GM.N: Quote) plans to shutter more plants.

Just after the open, the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 15.77 points, or 0.1 percent, at 14,798.41.

Only five of the TSX index's 10 main groups fell, led by a 0.5 percent drop in the energy group and a 0.4 percent drop among consumer discretionary shares.

Energy companies fell together with the price of U.S. crude oil, which slipped 1.3 percent to $126.16 a barrel. Suncor Energy (SU.TO: Quote) was down 73 Canadian cents at C$68.05.

Autoparts makers slipped after General Motors said it plans to close four plants including one in Canada. Magna International MGa.TO, the country's biggest parts maker, was down 44 Canadian cents at C$70.55.

Offsetting the weakness was a 0.4 percent boost from the materials group, propped up by the country's top fertilizer producers. Potash Corp (POT.TO: Quote) rose C$7.23 to C$210.60 and Agrium (AGU.TO: Quote) added C$2.51 to C$89.85. ($1=$1.00 Canadian) (Reporting by Scott Anderson; Editing by Bernadette Baum)