UPDATE 3-Toronto stocks clipped by economic fears

Wed Jun 11, 2008 5:17pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Adds details, quotes)

* TSX ends little changed as economic fears drag

* Resources rise, but financials drop 1.8 percent

* Energy sector climbs along with oil prices

By Leah Schnurr

TORONTO, June 11 (Reuters) - The Toronto Stock Exchange's main index closed lower for the fourth day in a row on Wednesday, as support from agriculture and other resource companies was offset by worries over inflation.

Shares of Agrium (AGU.TO: Quote) touched a record high after the company raised its profit outlook amid strong sales of fertilizer, seed and chemicals. Agrium closed up C$7.77, or 8.3 percent, at C$102.00.

But worries over the impact of inflation on the global and domestic economy weakened the market, while oil prices rose more than $5 after data showed U.S. stockpiles fell sharply.

"I think the inflation worries are front and center now, and they're stoked by comments and actions of the central bankers," said Rick Hutcheon, president and chief operating officer of RKH Investments.   Continued...