UPDATE 1-Toronto stocks down sharply for third session

Thu Sep 4, 2008 11:58am EDT
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* TSX retreats further as resources slide

* Market sees third day of triple-digit losses

* Bombardier sags despite strong results (Adds details)

TORONTO, Sept 4 (Reuters) - The Toronto Stock Exchange's main index skidded more than 2 percent on Thursday, falling sharply for the third day in a row on a retreat in oil prices and more worries over U.S. economic health.

The TSX's 10 main sectors tumbled across the board led by a 3.1 percent fall in the influential energy group and a 3.2 percent drop in the materials group as their key underlying commodities, oil and gold, fell back.

The more than 300 point decline on Thursday marked the third day of triple-digit losses for the resource-heavy index this week.

The market dropped more than 160 points in the previous session when it was yanked lower by mounting concerns over falling demand for commodities. That came on the heels of a massive 471-point loss on Tuesday.

"After what we saw over the past few days, we are in a period of volatility," Michael Sprung, president at Sprung and Co Investment Counsel.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 306.50 points, or 2.33 percent, at 12,831.22.   Continued...