UPDATE 2-Toronto stocks slip as investors take profits

Fri Aug 22, 2008 11:19am EDT
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* Resources slump after mid-week surge

* CI Financial says has discussed strategic combinations

* HudBay dips after says will shut zinc operation (Adds details)

TORONTO, Aug 22 (Reuters) - The Toronto Stock Exchange's main index fell on Friday morning, pulled lower by heavyweight resource issues as investors took profits following a surge by commodities this week.

The energy and materials groups slipped 1.6 percent and 1 percent, respectively.

Among oil shares, Canadian Natural Resources (CNQ.TO: Quote) sank 2.1 percent to C$87.63.

Copper and zinc miner HudBay Minerals Inc (HBM.TO: Quote) slipped 2.3 percent to C$11.14, while Barrick Gold (ABX.TO: Quote) was down 1.5 percent at C$36.94.

"I think the rally we've had over the last couple of days explains it," said Rick Hutcheon, president and chief operating officer at RKH Investments. "A move like that needs to be corrected."

By mid-morning, the S&P/TSX composite index .GSPTSE was down 36.28 points, or 0.27 percent, at 13,502.94, with half its 10 main groups lower. The market fought its way back after dropping more than 100 points at the open.   Continued...