Toronto stock index drops on falling gold

Wed Apr 23, 2008 9:58am EDT
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TORONTO, April 23 (Reuters) - The Toronto Stock Exchange's main index was pruned early on Wednesday by falling gold and energy stocks, as commodities tumbled across the board.

The S&P/TSX composite index .GSPTSE was down 52.83 points, or 0.4 percent, at 14,213.51.

The gold subsector was off 1.8 percent as spot gold, hit by a rising U.S. dollar, tumbled 2 percent. Barrick Gold (ABX.TO: Quote), the world's leading gold producer, fell 90 Canadian cents to C$42.30.

The energy and financial sectors were each off 0.3 percent. In the oil patch, Suncor Energy (SU.TO: Quote) slipped C$1.32 to C$119.75. Elsewhere, Manulife Financial (MFC.TO: Quote) was down 29 Canadian cents at C$38.06.

The overall drop would have been more severe if not for a bounce in Potash Corp of Saskatchewan (POT.TO: Quote), which was up C$1.20 at C$216.50 after its Russian competitor raised spot potash prices amid rising demand. See: [nL23730432]

($1=$1.02 Canadian) (Reporting by Jonathan Spicer; Editing by Scott Anderson)