CORRECTED - CANADA STOCKS-Toronto off 1.6 pct, trims early losses

Fri Oct 24, 2008 12:53pm EDT
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(Corrects bullet point and paragraph 10 to show the index touched lowest level since November 2004, not January 2004)

* Oil, materials groups sag as commodity prices fall

* Index touches lowest level since November 2004

* Toronto follows plunges by other major markets

By Ka Yan Ng

TORONTO, Oct 24 (Reuters) - The Toronto Stock Exchange's main index was down 1.5 percent by late morning on Friday, though up from big early losses, as it remained under pressure from fears of a global recession and a further slide in commodity prices.

In line with a wave of plunging equity markets worldwide [MKTS/GLOB], the Toronto index suffered broad-based losses but much of it was concentrated in the resource-related issues.

Shortly after 11:30 a.m. (1530 GMT), the S&P/TSX composite index .GSPTSE was down 153.49 points, or 1.6 percent, at 9,177.86.

The energy sector was off early lows, down 2.1 percent, as the price of oil dropped to above $64 a barrel. An emergency OPEC meeting resulted in a swift agreement to cut production as a first step towards halting the price slide [ID:nLO735433].   Continued...