June 12, 2008 / 8:45 PM / 9 years ago

UPDATE 2-Toronto stocks dragged down by weaker resources

2 Min Read

(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

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

The S&P/TSX composite index .GSPTSE closed down 113.93 points, or 0.77 percent, at 14,602.59 with four of its 10 main sectors pointing lower.

The small tech sector was able to add 1.7 percent, with help from a second day of big gains from Nortel Networks NT.TO. Nortel was up 80 Canadian cents, or 8.5 percent, at C$10.22 a day after it gave an upbeat presentation of its business plans.

Holiday travel firm Transat AT TRZb.TO was the biggest lift on the market after its second-quarter profit slid but still came in better than expected. Transat climbed C$1.67, or 8.6 percent, to C$21.08. ($1=$1.02 Canadian) (Reporting by Leah Schnurr; editing by Rob Wilson)

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