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 climbed 81 Canadian cents to C$48.16 and Manulife Financial MFC.TO 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, 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 was off C$1.17 at C$23.97.

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