Toronto stocks fall as CIBC and resources drag

Thu May 29, 2008 9:59am EDT
 
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TORONTO May 29 (Reuters) - The Toronto Stock Exchange's main index fell sharply early on Thursday, down as much as 99 points as gold-mining and oil shares dropped, but some banks edged higher following a mixed bag of results.

Among the banks, which are reporting quarterly earnings, Canadian Imperial Bank of Commerce (CM.TO: Quote) stumbled, while Royal Bank of Canada (RY.TO: Quote) jumped.

The S&P/TSX composite index .GSPTSE was down 69.95 points, or 0.5 percent, at 14,618.67. The energy sector lost 1.3 percent and the materials sector gave up 2 percent.

Barrick Gold (ABX.TO: Quote), the world's biggest gold producer, fell C$1.13 to C$39.21 as the price of spot gold plunged more than $20 an ounce.

Suncor Energy (SU.TO: Quote) was the worst-performing energy stock, off C$1.45 at C$67.44 as crude futures slipped 1.8 percent to below $129 a barrel.

The financial sector rose 0.7 percent. It would have climbed more if not for CIBC, which fell C$1.02 to C$69.83 after it posted a big quarterly loss and took additional charges. See: [nN29456041]

Royal Bank jumped 50 Canadian cents to C$49.96 after it reported a profit drop on the back of widely expected writedowns. See: [nN29370316]

($1=$0.99 Canadian) (Reporting by Jonathan Spicer; editing by Peter Galloway)