* TSX down 99.51 points, or 0.75 percent, at 13,151.16
* Eight of 10 main groups lower
* Gold prices fall 2 percent
By Solarina Ho
TORONTO, Dec 8 (Reuters) - Toronto’s main stock index was sharply lower on Wednesday morning as slumping gold prices dragged down gold miners and the index’s materials group.
The heavily weighted materials sector was down 2.25 percent and led eight of the 10 TSX index main groups lower.
Gold prices skidded from recent record highs, falling 2 percent to a one-week low against a stronger U.S. dollar. Goldcorp (G.TO) was the biggest market mover, falling 2.8 percent to C$46.03, followed closely by Barrick Gold (ABX.TO), which was down 2.03 percent at C$53.68.[GOL/]
The energy group, which had risen for five straight sessions, gave back some of its gains amid easing oil prices, and was down 0.8 percent. Suncor Energy (SU.TO) fell 1.25 percent to C$36.20. [O/R]
Tech issues slid 0.71 percent as Research In Motion RIM.TO fell 1.67 percent to C$61.67. The BlackBerry maker is coming off some recent gains following downgrades by analysts on Tuesday. [ID:nSGE6B609H]
At 10:55 a.m. (1555 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was down 99.51 points, or 0.75 percent, at 13,151.16.
“I think you may get a little coolness for a day or two while people try and figure out whether they really want to be bullish or not ... I think there’s still some tax-loss selling going on,” said Douglas Davis, chief executive at Davis-Rea.
Financial stocks led on the upside, advancing 0.33 percent, followed by the telecom group, which was up 0.22 percent.
Manulife Financial (MFC.TO) was the biggest market mover on the positive side, rising 4.36 percent to C$16.05. Toronto-Dominion Bank (TD.TO) was up 0.73 percent at C$72.70.
In individual company news, Rona RON.TO shares were up 1.33 percent at C$13.68 after the hardware store chain declared a cash dividend under a new policy of paying dividends semi-annually. [ID:nSGE6B70BZ]
Dollarama (DOL.TO), Canada’s largest dollar store operator, rose 1.36 percent to C$29.79 after it posted a large jump in third-quarter profit. [ID:nN08130245]
Laurentian Bank of Canada LB.TO rose 1.48 percent to C$46.07 after announcing an 8.3 percent raise in its dividend. [ID:nN08143966]
($1=$1.01 Canadian) (Reporting by Solarina Ho; editing by Rob Wilson)