Toronto stocks open lower; materials lead fall

Wed Mar 12, 2008 9:55am EDT
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TORONTO, March 12 (Reuters) - The Toronto Stock Exchange's main index edged lower early on Wednesday as sinking materials issues offset rising banks and telecoms, reversing a sharp rise in the previous session.

The S&P/TSX composite index .GSPTSE was down 22.95 points, or 0.2 percent, at 13,321.60, with six of its 10 main sectors in negative territory.

The materials sector slipped 0.6 percent and the gold mining subsector was off 1.1 percent. Barrick Gold ABX.TO slid 53 Canadian cents to C$49.66, while Potash Corp POT.TO of Saskatchewan POT.TO slipped C$2.41 to C$152.59.

On the upside, financials rose 0.3 percent and telecoms added 0.4 percent, with Royal Bank of Canada RY.TO leading all listings, up 27 Canadian cents at C$47.33.

TELUS T.TO gained 47 Canadian cents to C$43.12, while BCE Inc BCE.TO advanced 22 Canadian cents to C$38.51. ($1=$0.99 Canadian) (Reporting by Jonathan Spicer, editing by Mario Di Simine)