Toronto stocks pare early gains as golds weigh

Fri Apr 18, 2008 9:56am EDT
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TORONTO, April 18 (Reuters) - The Toronto Stock Exchange's main index jumped early but quickly fell back on Friday morning as a sharp dip in mining stocks offset bullish banks and other financial institutions.

Energy stocks were also lower as resource sectors were undercut by a broad fall in commodity prices.

The S&P/TSX composite index .GSPTSE was up 7.81 points at 14,123.31. It was up more than 90 points immediately after the market opened.

Royal Bank of Canada (RY.TO: Quote) climbed 81 Canadian cents to C$48.16 and Manulife Financial (MFC.TO: Quote) added C$1 to C$39.06, as the wider financial sector rose 2 percent.

The financials may have been boosted after positive results from big U.S. bank Citigroup (C.N: Quote), which eased anxiety over the global credit crunch.

On the downside, gold stocks were hardest hit, down 3.8 percent as spot gold fell more than $20 an ounce. Among them, Kinross Gold (K.TO: Quote) was off C$1.17 at C$23.97.

($1=$1.00 Canadian) (Reporting by Jonathan Spicer; Editing by Scott Anderson)