UPDATE 1-Energy and financials pull down Toronto stocks

Wed Jun 4, 2008 10:50am EDT
 
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* Energy and financial shares lead way lower

* Bombardier rises after posting strong profit

TORONTO, June 4 (Reuters) - Toronto's main stock market index slipped on Wednesday as falling oil prices and weak financial shares weighed on the market.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 37.67 points, or 0.3 percent, at 14,690.94 after touching a low of 14,640.71 earlier in the day.

Six of the TSX index's 10 main groups were lower, led by a 0.9 percent drop in the energy group and a 0.4 percent fall for financial shares. These two groups account for about 60 percent of the overall market.

"We are still groping to find a lasting direction in this market. But we are coming close," said Rick Hutcheon, president at RKH Investments.

Energy shares slipped as the price for crude oil briefly touched a three-week low of $123.15 a barrel, before settling around $123.80.

Among oil companies falling were EnCana Corp (ECA.TO: Quote), which was down 93 Canadian cents at C$89.47 and Suncor Energy (SU.TO: Quote) dropped 52 Canadian cents to C$66.08.   Continued...