UPDATE 2-Toronto stocks slide along with commodities

Thu May 29, 2008 3:43pm EDT
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(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: Quote) 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: Quote) fell C$3.21, or 3.3 percent, to C$95.68, and Suncor Energy (SU.TO: Quote) 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: Quote) up C$1.06, or 2.1 percent, at C$50.52, after it said its second-quarter profit declined amid previously announced writedowns.   Continued...