UPDATE 2-Toronto stocks sag under drag of financials

Fri Jun 20, 2008 3:09pm EDT
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(Updates to midafternoon)

* TSX falls more than 100 points as banks weigh

* Consumer shares fall amid inflation worries

* Energy issues ease from earlier gains

TORONTO, June 20 (Reuters) - The Toronto Stock Exchange's main index slid more than 100 points on Friday as bank shares tumbled amid worries over more mortgage-related problems and writedowns for financial institutions south of the border.

Although analysts noted that Canadian financials are in better shape than many of their U.S. and global counterparts, the jitters knocked 1.7 percent off the Bay Street sector.

"I think we've seen the challenges on our Canadian banks," said Brian Pow, vice-president, research and equity analyst, at Acumen Capital Partners in Calgary.

"That said, we're still globally viewed on the banking system, so we get painted with the same brush."

The S&P/TSX composite index .GSPTSE was down 125.77 points, or 0.85 percent, at 14,664.38 in the afternoon with nine of its 10 main sectors in retreat. The retreat added to Thursday's 283-point plunge.   Continued...