UPDATE 3-Toronto stocks battered by profit-taking
(Adds details, quotes)
* Late-day retreat takes TSX more than 250 points lower
* Biggest one-day drop since end of April
* Energy stocks hit by profit-taking
By Leah Schnurr
TORONTO, May 21 (Reuters) - The Toronto Stock Exchange's main index ended a volatile session more than 250 points lower on Wednesday, as profit-taking hit energy issues, sparking a broad late-day selloff following recent record highs.
After pushing higher earlier in the day, oil and gas companies reversed direction, even though crude prices hit a record over $133 a barrel on an unexpected drop in U.S. stockpiles.
The energy group, whose heavy weighting has been largely responsible for the index's recent run-up, lost 1.5 percent.
"It looks like there's some profit-taking starting in the oils," said Lex Kerkovius, senior research analyst at McLean & Partners Wealth Management Ltd. in Calgary. Continued...