UPDATE 1-Toronto stocks tumble, led by resources

Thu Dec 13, 2007 10:09am EST
 
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TORONTO Dec 13 (Reuters) - The Toronto Stock Exchange's main index fell more than 100 points immediately after Thursday's market open, as soft commodity prices combined with displeasure over a concerted plan by central banks to relieve global money markets.

Banks and gold firms led the fall, with Canadian Imperial Bank of Canada CM.TO down 1.94 at C$77.65 and Barrick Gold ABX.TO down 87 Canadian cents at C$39.52.

The S&P/TSX composite index .GSPTSE was down 92.92 points, or 0.7 percent, at 13,716.46 half an hour after the open.

Disappointment appeared to linger over a plan, revealed on Wednesday, by Canadian, U.S., British and other European central banks to deal with drying up money markets.

That sentiment weighed on European markets, while U.S. stocks also dipped.

Telus Corp T.TO tumbled C$1.98 to C$42.18 even as Canada's No. 2 phone company said it expects revenue and profits to grow next year. For details, see: [nN13207263]

Also reporting quarterly results on Thursday, MDS missed expectations and said a shutdown of a nuclear reactor that makes medical isotopes could hurt future results. For details, see: [nN13265421]

MDS stock was off 28 Canadian cents at C$19.21.

On commodities exchanges, oil, gold and most base metals prices slipped on Thursday, partly accounting for the pressure on Canadian resource shares.

Spot gold was down about $12 an ounce, while U.S. crude oil futures fell $1.25 to $93.14 a barrel.

($1=$1.01 Canadian) (Reporting by Jonathan Spicer)