UPDATE 3-Credit fears, profit-taking slam Toronto stocks

Thu Mar 6, 2008 5:10pm EST
 
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(Updates official closing numbers, adds details)

TORONTO, March 6 (Reuters) - The Toronto Stock exchange's main index lost more than 200 points on Thursday, weighed down by credit market concerns and profit-taking in commodities.

The S&P/TSX composite index .GSPTSE closed down 242.88 points, or 1.8 percent, at 13,360.44.

All of the TSX index's 10 main groups were lower, led by the financial subgroup which fell 3.4 percent.

Bank of Montreal (BMO.TO: Quote) shares sank C$3.05, or 6.8 percent, to close at C$41.97, battered by worries over the bank's structured-credit investments and higher provisions on loan losses announced earlier this week.

Shares in Toronto-Dominion Bank (TD.TO: Quote) fell C$2.25, or 4 percent, to end at C$62.04.

Meanwhile, investors took profits in energy and the materials subgroups, which both ended 1 percent lower.

Oil hit another record high near $106 on the weak U.S.dollar and a move by OPEC to hold crude output steady, while gold retreated from a record high a day earlier.

Nexen Inc. NXY.TO was down 78 Canadian cents, or 2.4 percent, to close at C$31.54 while while Talisman Energy TLM.TO ended the day down 25 Canadian cents, or 1.4 percent, at C$17.37.

The gold producers subindex, part of the materials group, dropped 0.8 percent while the mining subindex fell by 1.2 percent.

Yamana Gold Inc. (YRI.TO: Quote) dropped 30 Canadian cents, or 1.6 percent, to close at C$18.75 while Kinross Gold (K.TO: Quote) fell 6 Canadian cents, or 0.2 percent, to end at C$25.99. (Reporting by Natalie Armstrong; Editing by Rob Wilson)