UPDATE 5-Sagging resources drag down Toronto stocks
(Adds details, quotes)
* TSX slips as resource sectors falter
* Energy shares pulled down by sagging oil prices
* Nexen falls after disappointing quarterly profit
By Leah Schnurr
TORONTO, July 17 (Reuters) - The Toronto Stock Exchange's main index slipped lower on Thursday as a strong showing from financials was offset by resource shares that were hit by another sharp drop in oil prices.
Crude fell by $5.31 to $129.29 a barrel amid worries over dampening demand in the United States, as well as easing tensions between Iran and the West.
The drop in oil -- which is still up nearly 30 percent for the year -- battered Bay Street's heavyweight energy group, sending it down 3.2 percent.
"It's apparent that the U.S. is really responding pretty negatively to what's going on," said Brian Pow, vice-president of research and equity analyst at Acumen Capital Partners in Calgary, referring to the still-high energy prices. Continued...