UPDATE 4-Toronto stocks sag along with oil price

Thu Jul 31, 2008 5:40pm EDT
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* TSX falls as resource issues weigh

* Sun Life sags as profit hit by U.S. operations

* Rothmans up after bid from Philip Morris

By Leah Schnurr

TORONTO, July 31 (Reuters) - The Toronto Stock Exchange's main index fell on Thursday, sliding late in the session as energy and other resource issues were knocked lower by a drop in oil prices.

The materials sector followed energy stocks lower as gold producers gave up earlier gains. Goldcorp G.TO lost 4.3 percent after it reported an unexpected quarterly loss and said to will buy Gold Eagle Mines GEA.TO for about C$1.5 billion.

Weak U.S. economic data underlined worries about dampening fuel demand and sent oil down $2.69 to settle at $124.08 a barrel. The retreat helped knock 3.1 percent off Canadian Natural Resources CNQ.TO.

Sun Life Financial SLF.TO was one of the biggest drags by weight, falling 6.1 percent after reporting its profit fell 12 percent due to weak results at its U.S. insurance and asset-management businesses.   Continued...