UPDATE 2-Toronto stocks sag in broad-based retreat

Thu Jun 26, 2008 12:36pm EDT
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(Updates to midday)

* TSX index falls more than 1 percent

* Research In Motion down sharply after quarter results

* Financials weigh amid worries of U.S. writedowns

* Energy sector retreats despite oil gains

By Leah Schnurr

TORONTO, June 26 (Reuters) - The Toronto Stock Exchange's main index slid more than 1 percent on Thursday, in a broad-based decline led by the financial sector and a big drop by Research In Motion RIM.TO.

All of the major banks were lower, caught up in concerns over the outlook for U.S. financials after Goldman Sachs said there could be deep second-quarter losses and writedowns at Citigroup (C.N: Quote) and Merrill Lynch & Co MER.N.

Shares of BlackBerry-maker RIM set the tone, hammered after the profit outlook it released on Wednesday fell shy of what analysts had expected. The influential stock was down C$17.35, or 12.1 percent, at C$126.65.   Continued...