UPDATE 2-Toronto stocks tumble 200 pts late in the day

Wed May 21, 2008 3:33pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Updates to late afternoon)

*Index falls 200 points late in the day

*Financial and resource shares tumble

*Energies hit by profit-taking

TORONTO, May 21 (Reuters) - The Toronto Stock Exchange's main index fell further on Wednesday afternoon, giving up more than 200 points as financials and resources sagged and investors cashed in profits in the energy sector.

The S&P/TSX composite index .GSPTSE was down 211.67 points, or 1.41 percent, at 14,835.67 after climbing as high as 15,128.56 earlier in the day.

The energy sector reversed, giving up 1.2 percent, despite yet another record high over $133 a barrel for oil. Canadian Natural Resources (CNQ.TO: Quote) was off 99 Canadian cents, or 0.9 percent, to C$104.37, while Imperial Oil (IMO.TO: Quote) was down 79 Canadian cents, or 1.3 percent, at C$60.16.

Strength in the heavyweight energy sector has largely helped the Toronto benchmark to recent highs, including its close above 15,000 for the first time on Tuesday.

Also taking the benchmark lower on Wednesday, the materials sector sagged 1.6 percent, hurt as fertilizer company Potash Corp of Saskatchewan (POT.TO: Quote) was down C$9.22, or 4.6 percent, at C$192.48. Agrium (AGU.TO: Quote) lost C$4.21, or 4.8 percent, to C$83.72.   Continued...