REFILE-UPDATE 2-Toronto stocks fall as oil, gold prices drop

Thu Sep 11, 2008 11:14am EDT
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(Refiles to fix spelling error in paragraph 8)

*Oil and gold prices drop on firmer U.S. dollar

*Canada trade surplus narrows more than foreseen in July

*Lululemon rises after reporting rise in quarterly profit

(Adds details)

TORONTO, Sept 11 (Reuters) - The Toronto Stock Exchange's main index fell on Thursday morning, pulling back from Wednesday's big rally, as resource stocks dropped on weaker commodity prices and banks declined on concerns about the fate Lehman Brothers and the health of the U.S. financial sector.

The heavyweight energy sector fell 1.8 percent as the price of crude dropped on a firmer U.S. dollar and concerns over weakening demand. Canadian Natural Resources (CNQ.TO: Quote) was down 1.8 percent at C$77.57.

The materials group fell 2.5 percent as the price of bullion and some base metals dropped. First Quantum Minerals (FM.TO: Quote) sank 4.8 percent to C$49.16.

Financials declined 1 percent with Royal Bank of Canada (RY.TO: Quote) down 1.1 percent at C$49.00 as worries about the health of the U.S. financial sector weighed after investment bank Lehman Brothers LEH.N failed to announce deals to raise capital.   Continued...