Toronto stocks dip at open as materials drag

Thu Mar 6, 2008 9:43am EST
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TORONTO, March 6 (Reuters) - The Toronto Stock Exchange's main index was slightly lower at the open on Thursday, led down by declines in the materials sector while investors locked in profits.

The S&P/TSX composite index .GSPTSE was down 32.69 points, or 0.24 percent, at 13,570.63 shortly after the open with six of its 10 main groups in the negative.

The financial sector also added to the downward momentum, falling 0.4 percent. The materials group, home to resource shares, was down 0.7 percent, while the energy group edged up 0.1 percent.

Oil and gold, whose movements often influence the direction of the Toronto benchmark, had hit fresh highs earlier in the morning, before easing off. (Reporting by Leah Schnurr; Editing by Renato Andrade)