UPDATE 4-Toronto stocks fall on banks and RIM, golds rise

Thu Jun 26, 2008 5:27pm EDT
 
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* TSX index falls more than 1 percent

* Research In Motion takes steep fall on quarterly results

* Financials hit by worries of U.S. writedowns

* Gold miners helped by bullion prices

By Cameron French

TORONTO, June 26 (Reuters) - The Toronto Stock Exchange's main index dropped more than 1 percent on Thursday, led down by a retreat in the heavily-weighted financial sector and a 13 percent slide by tech giant Research In Motion RIM.TO.

The S&P/TSX composite index .GSPTSE fell 148.99 points, or 1.03 percent, to close at 14,292.14.

All of the major banks fell, 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.   Continued...