UPDATE 3-Toronto stocks battered by falling commodities

Wed Jul 23, 2008 5:46pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Adds details)

* 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 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 dropped 6.3 percent.

Potash Corp of Saskatchewan POT.TO 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...