UPDATE 2-Toronto stocks slip as banks falter on credit woes

Tue Aug 12, 2008 4:38pm EDT
 
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(Updates closing numbers, adds details)

*TSX index ends lower as banks fall on credit woes

*Bounce in gold producers helps materials sector

*Timminco falls after disappointing results

TORONTO, Aug 12 (Reuters) - The Toronto Stock Exchange's main index closed lower on Tuesday as financial shares fell on worries over more losses related to the credit crunch, offsetting a rebound by gold producers.

Bay Street's financials were caught up in more woes out of the United States after JPMorgan Chase (JPM.N: Quote) said it has accumulated $1.5 billion of losses so far this quarter on mortgage-related assets.

The news stoked concerns of more pain yet to come out of the U.S. mortgage crisis, and in Toronto National Bank of Canada (NA.TO: Quote) slid 2.8 percent.

Leading the upside, the materials sector got a boost from gold-mining stocks even as gold prices fell as the sector rebounded from a recent selloff. Agnico-Eagle Mines (AEM.TO: Quote) bounced 6 percent.

The S&P/TSX composite index .GSPTSE closed down 36.19 points, or 0.27 percent, at 13,167.00 with six of its 10 main sectors in negative territory. It was the fourth session in a row the benchmark index has closed lower.   Continued...