Toronto stocks open lower on financials, materials

Tue Aug 19, 2008 9:47am EDT
 
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TORONTO Aug 19 (Reuters) - The Toronto Stock Exchange's main index opened lower on Tuesday, tugged down by financials and materials stocks.

Shortly after the open, the S&P/TSX composite index .GSPTSE was down 26.29 points, or 0.2 percent, at 13.093.08, with seven of its 10 main groups lower.

Financials slipped 0.7 percent amid persistent worries over the U.S. economy and more fallout from the credit crisis. Royal Bank of Canada (RY.TO: Quote) fell 0.8 percent to C$46.23.

Industrial and consumer staples issues also weighed on the benchmark index, down 1 percent and 0.8 percent respectively.

The resource-heavy materials sector was down 0.4 percent, as gold weakened on a strengthening U.S. dollar. First Quantum Mining (FM.TO: Quote) slipped 2.2 percent to C$64.15.

The key energy sector rose 0.4 percent even as oil was flat.

(Reporting by Jennifer Kwan; Editing by Scott Anderson)