UPDATE 3-Toronto stocks falter as oils drop, CP Rail sags

Tue Jul 22, 2008 5:30pm EDT
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(Adds details, quotes)

* TSX ends lower but trims earlier losses

* Resource shares retreat as commodity prices fall

* CP Rail drops after it cuts earnings guidance

By Leah Schnurr

TORONTO, July 22 (Reuters) - The Toronto Stock Exchange's main index finished lower on Tuesday, but trimmed earlier steep losses as a rise by financials offset a drop in resource issues, which were hit by tumbling commodity prices.

The resource sectors led the downside and helped take the index down more than 1 percent in the morning, with energy shares hit by a six-week low for oil prices as fears over a tropical storm in the Gulf of Mexico eased.

The energy group fell 2.5 percent, with Canadian Natural Resources CNQ.TO down 4.2 percent, and EnCana Corp ECA.TO off 3.6 percent.

A decline in gold miners helped knock the materials sector down 2.2 percent, as the price of bullion was sharply lower due to weaker oil prices and a stronger U.S. dollar.   Continued...