UPDATE 3-Toronto stocks pressured by profit-taking

Fri May 23, 2008 4:58pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

(Updates official closing price, adds details)

*Index takes back some losses but still ends lower

*Resources hit by profit-taking following run-up

TORONTO, May 23 (Reuters) - The Toronto Stock Exchange's main index trimmed some earlier losses but still ended lower on Friday, knocked down as investors locked in profits following the index's recent surge to record highs.

Resource shares stumbled even though oil and gold prices pushed higher. Potash Corp of Saskatchewan POT.TO was among the biggest decliners by weight, giving up C$2.40, or 1.2 percent, to C$194.40, while in the oil patch, Canadian Natural Resources CNQ.TO was down C$1.48, or 1.5 percent, at C$100.62.

The energy and materials sectors slid 0.6 percent and 0.5 percent respectively. The subindex of gold producers, which had managed to hold on to gains earlier in the week, dipped 0.1 percent. Barrick Gold ABX.TO was off 42 Canadian cents, or 1 percent, at C$41.53.

The S&P/TSX composite index .GSPTSE closed down 69.00 points, or 0.47 percent, at 14,723.36 with all but three of its 10 sectors dropping.

The Toronto benchmark has climbed higher since late March, emboldened by red-hot commodity prices and optimism that the worst of the credit crunch fallout has been seen. The index vaulted over the 15,000 mark for the first time earlier in the week.

On the upside, the telecoms sector added 0.8 percent, helped in part by a bounce in shares of BCE Inc BCE.TO the day after a court decision put the future of its buyout in doubt and drove the stock down sharply. On Friday, BCE closed up 96 Canadian cents, or 2.9 percent, at C$33.60.

Shares of TSX Group X.TO, owner of the Toronto Stock Exchange, lost C$1.71, or 3.8 percent, to C$43.09 amid doubts about its technology in the wake of a service problem on Thursday that prompted the exchange to halt shares of BCE. TSX is facing competition from new rivals. ($1=$0.99 Canadian) (Reporting by Leah Schnurr; Editing by Peter Galloway)