UPDATE 4-Weak resources help pummel Toronto stocks
(Adds details, quotes)
* TSX slumps more than 280 points or nearly 2 percent
* Energy sector leads slide amid demand concerns
* Consumer shares hurt by worries over spending outlook
By Leah Schnurr
TORONTO, June 24 (Reuters) - The Toronto Stock Exchange's main index shed nearly 2 percent on Tuesday, dragged down by skidding resource issues amid investor concerns over the long-term prospects for oil demand.
A see-saw session for crude prices provided scant support for the benchmark, as oil finally settled up 26 cents at $137.00 a barrel amid worries over supply disruptions in Nigeria and increasing tensions between Israel and Iran.
On Bay Street, the energy sector tumbled 3.2 percent, with Canadian Natural Resources (CNQ.TO: Quote) falling C$3.60, or 3.5 percent, to C$100.10 and Suncor Energy (SU.TO: Quote) down C$3.67, or 5.7 percent, at C$61.31.
"I think the anticipation is that there will be some sort of drop in demand," said Adrian Mastracci, portfolio manager and president of KCM Wealth Management Inc. in Vancouver. Continued...