Toronto stocks drop on weak resources

Thu Jun 12, 2008 9:46am EDT
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TORONTO, June 12 (Reuters) - The Toronto Stock Exchange's main index tripped out of the starting blocks on Thursday, with energy and gold stocks undercut by falling commodity prices.

The S&P/TSX composite index .GSPTSE was down 41.88 points, or 0.3 percent, at 14,674.64. It was off as much as 71 points immediately after the opening bell.

Profit-taking knocked oil futures down more than 2.5 percent to below $132 a barrel. Spot gold followed suit, down more than $15 an ounce to below $863 an ounce.

In response, the TSX energy sector shed 1.3 percent and the materials sector lost 1.1 percent. The gold sub-group was off 2.1 percent with Barrick Gold ABX.TO, the world's No. 1 producer, down C$1.23 at C$39.27.

Suncor Energy SU.TO was the biggest decliner, down C$1.73 at C$67.03.

The resource-driven fall broke the TSX from the upward trend in global equity markets. ($1=$1.02 Canadian) (Reporting by Jonathan Spicer; Editing by Scott Anderson)