UPDATE 4-Weak resources help pummel Toronto stocks

Tue Jun 24, 2008 5:13pm EDT
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(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...