UPDATE 2-Toronto stocks dip as weak resources drag
(Updates closing numbers, adds details, quotes)
*TSX index edges lower as commodities fall
*Drop in commodity prices boosts wider market
*Sleep Country jumps after private equity bid
TORONTO, Aug 14 (Reuters) - The Toronto Stock Exchange's main index closed slightly lower on Thursday as easing commodity prices weighed on resource shares, but provided a boost for the wider market.
A drop to $115 a barrel for oil weighed on the heavyweight energy sector amid worries over the prospects for global demand growth. Among laggards in the group, Canadian Natural Resources (CNQ.TO: Quote) slid 2 percent.
The materials sector, home to resource shares, also fell, hurt by gold producers that dropped with bullion prices. Agnico-Eagle Resources (AEM.TO: Quote) was off 5.4 percent.
The lower commodity prices helped strengthen the broader market as they eased anxiety over the impact of soaring prices on the consumer and the economy. A rise in financial services helped put a floor under the index. Canadian Imperial Bank of Commerce (CM.TO: Quote) gained 1.3 percent.
"People viewed the commodity headwinds as just so severe that any time you get a pullback in the commodities, the market will try to make some headway," said Lex Kerkovius, senior research analyst at McLean & Partners Wealth Management Ltd, in Calgary. Alberta. Continued...