May 29, 2008 / 7:45 PM / 9 years ago

UPDATE 2-Toronto stocks slide along with commodities

3 Min Read

(Updates to late afternoon)

* Index tumbles more than 100 points late in session

* Resources fall along with commodity prices

* CIBC also drags on weak results

TORONTO, May 29 (Reuters) - The Toronto Stock Exchange's main index gave up more than 100 points late in the day on Thursday, dragged down by resource issues that were taken lower by slumping commodity prices.

Canadian Imperial Bank of Commerce (CM.TO) also weighed on the index after it posted its second consecutive quarterly loss. Shares of CIBC slid C$1.67, or 2.4 percent, to C$69.18.

Energy companies were the biggest losers as the sector was hurt by a steep drop in oil prices. Canadian Natural Resources CNQ.TO fell C$3.21, or 3.3 percent, to C$95.68, and Suncor Energy (SU.TO) shed C$2.20, or 3.2 percent, to C$66.69. The group overall was down 2.8 percent.

The S&P/TSX composite index .GSPTSE was down 122.48 points, or 0.83 percent, at 14,566.14 in the late afternoon but just two of its 10 main sectors were in the negative.

The financial sector as a whole put on 1 percent, with Royal Bank of Canada (RY.TO) up C$1.06, or 2.1 percent, at C$50.52, after it said its second-quarter profit declined amid previously announced writedowns.

However CIBC said it lost C$1.1 billion, or C$3.00 a share, in the second quarter on charges of C$2.5 billion for worsening structured credit positions.

Rounding out the banking results, National Bank of Canada (NA.TO) rose 69 Canadian cents, or 1.3 percent, to C$53.09 after it reported that losses tied to its asset-backed commercial paper portfolio hurt quarter profit.

The materials group, home to resource shares, was the other sector on the downside, as its gold producers subindex gave up 3.6 percent, while bullion and other resources fell.

Agnico-Eagle Mines (AEM.TO) was down C$2.33, or 3.3 percent, at C$67.79, and Inmet Mining IMN.TO slid C$2.25, or 3.2 percent, to C$68.20. The larger materials group fell 2.4 percent. ($1=$0.99 Canadian) (Reporting by Leah Schnurr; editing by Rob Wilson)

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