Toronto stocks slip on profit taking, banks weigh

Mon Dec 3, 2007 9:45am EST
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TORONTO Dec 3 (Reuters) - Toronto stocks slipped at the open on Monday as weak commodity prices and profit taking in the banking group threatened to halt the index's four-day winning streak.

Just after the open, the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 43.64 points, or 0.3 percent, at 13,645.48.

Seven of the TSX index's 10 main groups were lower, as a 0.2 percent dip among the influential energy shares and a 0.6 percent decline among financial issues led the market lower. These two groups account for about 60 percent of the index's overall weighting.

The technology group was off 1 percent.

Financial shares lost ground after strong gains last week when the country's biggest banks kicked off their fourth-quarter reporting period.

Bank of Montreal (BMO.TO: Quote) slipped C$1.77 to C$61.67 and National Bank of Canada (NA.TO: Quote) dropped C$1.15 C$52.83.

Energy shares dropped as the price for U.S. crude oil fell 1 percent to $87.78 a barrel. Suncor Energy (SU.TO: Quote) was down 71 Canadian cents at C$94.90. ($1=$1.00 Canadian) (Reporting by Scott Anderson; Editing by Bernadette Baum)