UPDATE 4-Toronto stocks held lower by commodity retreat

Fri Aug 8, 2008 5:03pm EDT
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* TSX slips as resources fall with commodities

* Oil price drop provides relief for other sectors

* Data shows unexpectedly large job loss for July

By Leah Schnurr

TORONTO, Aug 8 (Reuters) - The Toronto Stock Exchange's main index ended lower on Friday, held down as resource issues fell alongside commodity prices, while worries over the economy were stoked by an unexpectedly large job loss last month.

Despite sending the heavyweight resource sectors tumbling, the nearly $5 drop in oil provided relief to the index's other sectors, including consumer and industrial shares. Among consumer stocks, Gildan Activewear GIL.TO rose 6.9 percent.

But companies tied to commodities led the downside, including oil and gold producers, as their underlying resources slumped while the U.S. dollar rose. Canadian Natural Resources CNQ.TO slid 7.3 percent.

Economic worries were also stirred by data that showed a surprisingly large 55,000 jobs were lost in July, the biggest monthly loss since the 1991 recession.   Continued...