UPDATE 2-Toronto stocks tumble in broad-based selloff

Tue Jun 24, 2008 3:32pm EDT
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(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: Quote) was down C$3.82, or 3.7 percent, at C$99.88, while Suncor Energy (SU.TO: Quote) 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: Quote) and Agrium (AGU.TO: Quote) 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."   Continued...