Retreating financials lead Toronto stocks lower

Fri Aug 29, 2008 11:26am EDT
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* Financial sector slips after big gains this week

* Energy shares reverse course to slip lower

* Trading choppy ahead of Labour Day weekend (Adds details)

TORONTO, Aug 29 (Reuters) - The Toronto Stock Exchange's main index fell on Friday morning, tugged lower by technology and financial issues amid thin trading ahead of the Labour Day long weekend.

The heavily weighted financial sector slipped 0.6 percent after logging big gains this week -- 4.2 percent on Thursday and 2.5 percent on Wednesday -- on the back of quarterly results from some of Canada's Big Six banks.

Toronto-Dominion Bank (TD.TO: Quote) fell 0.9 percent to C$62.03, while Bank of Nova Scotia (BNS.TO: Quote) slipped 1 percent to C$49.23.

"If you're a short-term trader you're inclined to take some profits," said Bob Gorman, chief portfolio strategist at TD Waterhouse. "That was a pretty major bounce."

At midmorning, the S&P/TSX composite index .GSPTSE was down 73.26 points, or 0.53 percent, at 13,677.22, after rising the two previous sessions. Nine of the 10 main groups were lower.

Activity is expected to be choppy going into the holiday weekend, said Gorman.   Continued...