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: Quote) 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: Quote).

Sun Life Financial (SLF.TO: Quote) 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...