UPDATE 1-Toronto stocks trim losses as oil price rebounds

Thu May 29, 2008 11:16am EDT
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(Updates with details, analyst comments)

*TSX recovers some losses as oil rebounds

*Other commodities drag on miners

*Banks rise on RBC, but CIBC tumbles

By Jonathan Spicer

TORONTO, May 29 (Reuters) - The Toronto Stock Exchange's main index regained some early losses on Thursday as the price of oil turned around and Royal Bank of Canada RY.TO led financials higher, but soft mining issues kept the index in the red.

Among the banks reporting quarterly earnings, Royal Bank and National Bank of Canada NA.TO rose while Canadian Imperial Bank of Commerce CM.TO stumbled.

But much like the previous session, resources stole the show. Energy stocks recovered much of their early losses because data showed U.S. crude stockpiles unexpectedly dropped last week, lifting the price of oil above $131 a barrel.

Still, natural gas, gold and copper all tumbled, complicating the picture for TSX resource issues, which account for nearly half the index.   Continued...