UPDATE 1-Toronto stocks slip as investors take profits

Fri Aug 22, 2008 10:01am EDT
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TORONTO Aug 22 (Reuters) - The Toronto Stock Exchange's main index opened lower on Friday as investors took profits following a surge in commodities in the previous two sessions.

Shortly after the open, the S&P/TSX composite index .GSPTSE was down 99.85 points, or 0.7 percent, at 13,439.37, with six of its 10 main groups lower. The market made lofty gains on Wednesday and Thursday, which helped to push the benchmark index up more than 3 percent so far this week.

The heavyweight energy and materials groups slipped 2.1 percent and 2.3 percent, respectively.

Among oil shares, Canadian Natural Resources CNQ.TO sank 2.8 percent to C$87.00.

Copper and zinc miner HudBay Minerals Inc HBM.TO slipped 1.8 percent to C$11.19, while Barrick Gold (ABX.TO: Quote) was down 2.8 percent at C$36.47.

U.S. oil slipped below $120 a barrel, as the U.S. dollar strengthened and on profit-taking, while gold and base metals sagged.

Financials were up 0.9 percent with Royal Bank of Canada (RY.TO: Quote) up 1.6 percent to C$46.04 and Bank of Nova Scotia (BNS.TO: Quote) up 0.8 percent at C$48.20. ($1=$1.05 Canadian) (Reporting by Jennifer Kwan; Editing by Scott Anderson)