June 24, 2008 / 7:36 PM / 9 years ago

UPDATE 2-Toronto stocks tumble in broad-based selloff

(Updates to late afternoon)

* TSX extends losses to fall 1.75 percent

* Resource shares lead broad selloff

* Financials retreat 1 percent

TORONTO, June 24 (Reuters) - The Toronto Stock Exchange’s main index extended its declines into Tuesday afternoon, giving up more than 250 points as resource issues led a broad-based selloff.

The heavyweight oil and gas sector shed 2.9 percent. Canadian Natural Resources (CNQ.TO) was down C$3.82, or 3.7 percent, at C$99.88, while Suncor Energy (SU.TO) fell C$3.06, or 4.7 percent, to C$61.92.

The materials group, home to resource issues, sagged 1.5 percent. Fertilizer companies Potash Corp of Saskatchewan (POT.TO) and Agrium (AGU.TO) both weighed heavily, with Potash off C$7.81, or 3.3 percent, at C$232.08, and Agrium down C$5.28, or 4.6 percent, at C$108.80.

“With the oil price flat at the moment, even though it’s near record levels, people are more interested in pulling back,” said Lex Kerkovius, senior research analyst at McLean & Partners Wealth Management Ltd., in Calgary.

“Everybody’s sort of doubtful as to whether this can last.”

The S&P/TSX composite index .GSPTSE was down 257.42 points, or 1.75 percent, at 14,434.40 with less than an hour to go before the closing bell. All of the index’s 10 main sectors were lower.

Financials slid 1 percent, with Bank of Nova Scotia (BNS.TO) off 74 Canadian cents, or 1.5 percent, at C$48.05, and Bank of Montreal (BMO.TO) down 68 Canadian cents, or 1.6 percent, at C$42.22.

On the upside, shares of Crystallex International KRY.TO spiked 70.8 percent, or 46 Canadian cents, to C$1.11 after the company said the Venezuelan government was reconsidering the denial of the mining permit for its Las Cristinas gold deposit. ($1=$1.01 Canadian) (Reporting by Leah Schnurr; editing by Rob Wilson)

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