UPDATE 2-Toronto stocks stumble as oil spurs economic fear

Fri Jun 6, 2008 4:54pm EDT
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(Updates closing numbers, adds details, quotes)

*Index turns negative after hitting record in morning

*Spike in oil propels resources higher

*Financials and consumer stocks decline on economic fears

TORONTO, June 6 (Reuters) - The Toronto Stock Exchange's main index ended lower on Friday after oil prices shot up by more than $10, spurring worries about their impact on the economy and erasing a big market gain made early in the day.

The key S&P/TSX composite index .GSPTSE jumped to a record high shortly after the opening bell as resource shares rose with surging commodity prices.

But gains by oil and other resource stocks were not enough to keep the index above water as the impact of the rapid surge in crude began to hit financial and consumer stocks.

In the oil patch, Canadian Natural Resources CNQ.TO rose C$2.36, or 2.3 percent, to C$106.00, and Imperial Oil IMO.TO added C$1.29, or 2.2 percent, to C$60.93.

The S&P/TSX composite index closed down 13.36 points, or 0.09 percent, at 14,969.55. The energy and materials sectors provided the bulk of the upside, gaining 1.7 percent and 1.2 percent respectively.   Continued...