UPDATE 2-Toronto stocks hurt by lower commodity prices

Tue May 27, 2008 11:45am EDT
 
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(Updates to late morning)

*Index tumbles more than 1 percent

*Dragged down by resource shares as commodities fall

*BCE rebounds on Supreme Court of Canada appeal plan

TORONTO, May 27 (Reuters) - The Toronto Stock Exchange's main index extended declines on Tuesday, sliding more than 200 points as energy and other resource issues were knocked by weak commodity prices.

A strengthening U.S. dollar helped take key underlying commodities oil and gold lower, hurting the heavily weighted resource sector.

Suncor Energy (SU.TO: Quote) was down C$2.32, or 3.3 percent, at C$68.92, and Canadian Oil Sands Trust COS_u.TO gave up C$2.15, or 4.2 percent, to C$49.52. The oil and gas sector led the way down, shedding 2.2 percent.

Declines in miners and gold producers also took the benchmark lower, with Barrick Gold (ABX.TO: Quote) sliding C$1.02, or 2.4 percent, to C$40.78. Also in the materials sector, fertilizer company Potash Corp of Saskatchewan (POT.TO: Quote) lost C$7.88, or 4 percent, to C$188.00, while the group was down 2.2 percent.

The S&P/TSX composite index .GSPTSE was down 205.40 points, or 1.39 percent, at 14,553.17 with all but one of its 10 main sectors on the retreat.   Continued...