UPDATE 1-Toronto stocks dip with gold, energy prices

Mon Mar 10, 2008 10:44am EDT
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TORONTO, March 10 (Reuters) - The Toronto Stock Exchange's main index shed more than 100 points on Monday as sliding commodity prices undercut gold and energy companies.

The energy sector, the TSX's biggest by weight, was also hobbled by news that energy producers in Canada would be forced to capture much of their carbon emissions.

The overall decline would have been more severe if not for a big jump in the shares of BCE Inc BCE.TO, which received a boost after a Quebec court approved a C$34.8-billion takeover offer from a group of private-equity investors.

The S&P/TSX composite index .GSPTSE was down 108.47 points, or 0.8 percent, at 13,173.25. The materials group plunged 3 percent and the energy group fell 0.9 percent.

Goldcorp G.TO tumbled C$1.89 to C$40.73 and Barrick Gold ABX.TO stumbled C$1.16 to C$48.67 as the TSX gold subsector shed 2.5 percent.

Spot bullion, which logged a string of record highs last week, was off more than $10 an ounce on Monday, keying off a rising U.S. dollar.

Crude oil and natural gas, meanwhile, dipped as investors locked in profits in futures markets.

Suncor Energy SU.TO was down C$2.05 at C$103.68, and Canadian Natural Resources CNQ.TO was off C$1.30 at C$72.07.   Continued...