UPDATE 3-Toronto stocks battered by falling commodities

Wed Jul 23, 2008 5:46pm EDT
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* TSX closes lower for second session in row

* Resources weigh as commodity prices sag

* Financials follow U.S. bank stocks higher

By Leah Schnurr

TORONTO, July 23 (Reuters) - The Toronto Stock Exchange's main index tumbled for a second session in a row on Wednesday, knocked 130 points lower as resource issues fell along with commodity prices.

The materials sector led the way down as shares of gold producers were battered by a 3 percent drop in bullion prices while the U.S. dollar rose. Barrick Gold (ABX.TO: Quote) was down 7.9 percent.

Oil fell $4 to a six-week low, dragging down the heavyweight energy sector, after a U.S. government report highlighted concerns about softening demand. Canadian Natural Resources (CNQ.TO: Quote) dropped 6.3 percent.

Potash Corp of Saskatchewan (POT.TO: Quote) topped the net losers with a drop of 7.1 percent, to C$202.23. Workers at three mines gave the world's No.1 fertilizer producer notice that they could legally go on strike on Friday afternoon.   Continued...