UPDATE 3-Toronto stocks taken lower by falling resources

Tue May 27, 2008 4:32pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Updates closing numbers, adds details)

*Index ends 1.6 percent lower

*Resource shares decline as commodities tumble

*Financials slide amid quarterly corporate results

TORONTO, May 27 (Reuters) - Tumbling resource shares led the Toronto Stock Exchange's main index sharply lower on Tuesday, as energy and materials issues took a beating amid skidding commodity prices.

A stronger U.S. dollar prompted a selloff in oil and gold, important underlying commodities for the Toronto benchmark, which is heavily populated with resource companies.

Energy producers led the way down, falling 3.2 percent. Suncor Energy (SU.TO: Quote), sagged C$3.09, or 4.3 percent, to C$68.15, while Canadian Natural Resources (CNQ.TO: Quote) lost C$2.81, or 2.8 percent, to C$97.94.

The S&P/TSX composite index .GSPTSE closed down 236.44 points, or 1.6 percent, at 14,522.13 with all but one of its 10 main sectors lower.

The materials group shed 2.5 percent, hurt by a downturn in gold producers and other miners. Inmet Mining IMN.TO slid C$1.82, or 2.6 percent, to C$69.50, and Barrick Gold (ABX.TO: Quote) was down C$1.52, or 3.6 percent, at C$40.28.   Continued...