UPDATE 3-Toronto stocks knocked lower for fifth session

Thu Jun 12, 2008 5:19pm EDT
 
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(Updates closing numbers, adds details)

* TSX ends lower for fifth session in a row

* Soft commodity prices weigh on resource issues

* Tech sector buoyed by Nortel

By Leah Schnurr

TORONTO, June 12 (Reuters) - Weak resource issues sent the Toronto Stock Exchange's main index tumbling on Thursday for the fifth day in a row as commodity prices spent much of the day in negative territory.

Energy companies and miners led the way down as gold and oil prices were pressured by a gaining U.S. dollar, although oil was able to make a small late-day bounce amid worries over a possible strike in Nigeria.

Suncor Energy (SU.TO: Quote) was down C$2.89, or 4.2 percent, at C$65.87, while Agnico-Eagle Mines (AEM.TO: Quote) lost C$2.55, or 3.8 percent, to C$64.75.

"(Resource) stocks really haven't had a chance to catch up yet," said Lex Kerkovius, senior research analyst at McLean & Partners Wealth Management Ltd. in Calgary.   Continued...