UPDATE 1-Toronto stocks flat, commodities provide support

Tue Aug 12, 2008 11:11am EDT
 
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*Financial group slips on credit worries

*TSX index gets support from energy, materials

*Rona shares edge up after quarterly results

TORONTO, Aug 12 (Reuters) - Toronto Stock Exchange's main index was little changed on Tuesday morning as weakness in financial-services shares undermined a bounce-back in oil and mining shares after their tumble on Monday on lower commodity prices.

The heavyweight financial sector was down 1.1 percent due to a "spillover effect" from debt-related anxiety in the United States, said Sal Masionis, stockbroker at Brant Securities.

In New York, stocks were down following news that No. 3 U.S. bank JPMorgan Chase JPM.N said it had taken another $1.5 billion in writedowns since July as fallout from the U.S. housing slump continued.

The S&P/TSX composite index .GSPTSE was up 7.86 points, or 0.1 percent, at 13,211.05, with four of its 10 main groups higher.

Credit worries overcame a rebound in the key energy and resource-laden materials sectors, which were up 0.9 percent and 1.9 percent, respectively.   Continued...