Toronto stock index drops on materials, healthcare

Mon Aug 11, 2008 10:52am EDT
 
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TORONTO Aug 11 (Reuters) - Toronto Stock Exchange's main index opened lower on Monday, weighed down by materials stocks while news relating to Cardiome Pharma Corp's (COM.TO: Quote) Kynapid heart treatment was also a drag on sentiment.

Shortly after the open, the S&P/TSX composite index .GSPTSE was down 60.67 points, or 0.5 percent, at 13,281.07, with six of its 10 main groups lower.

The resource-laden materials sector sank 2.9 percent, in line with a slump in the price of bullion. Yamana Gold (YRI.TO: Quote) slipped 28 Canadian cents, or 2.5 percent, to C$10.81.

The healthcare group slid 9 percent. Shares of Cardiome slid 27 percent to C$9.37 after it and Astellas Pharma US, Inc. (4503.T: Quote) announced the receipt of an FDA approvable letter for Kynapid.

Cardiome said the FDA requested additional information, including a safety update from ongoing or completed studies of vernakalant, which is used in the treatment of atrial fibrillation or abnormal heart rhythm. ($1=$1.07 Canadian) (Reporting by Jennifer Kwan; Editing by Bernadette Baum)