UPDATE 2-Toronto stocks wobble as economic fears weigh

Wed Jun 11, 2008 4:36pm EDT
 
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(Updates closing numbers, adds details, quotes)

*TSX ends little changed as economic fears drag

*Agrium surges after the company lifts profit outlook

*Energy sector climbs along with oil prices

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 fresh 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.

The S&P/TSX composite index .GSPTSE closed down 19.68 points, or 0.13 percent, at 14,716.52. In the last four sessions the benchmark has shaved off 1.8 percent, thanks largely to a more than 200-point drop on Tuesday.

On the agriculture front, Potash Corp of Saskatchewan (POT.TO: Quote) added C$2.45, or 1.1 percent, to C$227.33. Potash's chief executive told a conference in Toronto that fertilizer prices are not near a peak. The larger materials sector rose 0.8 percent.   Continued...