Toronto stocks drop 300 points on RBC, resources

Fri Feb 29, 2008 2:12pm EST
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TORONTO Feb 29 (Reuters) - Toronto's main stock market index dropped more than 300 points on Friday as weak commodity prices and disappointing results from Royal Bank of Canada (RY.TO: Quote) rattled investors.

By midafternoon, the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 300.26 points, or 2.2 percent, at 13,573.63.

All 10 groups were lower with the resource-heavy materials group down 2.5 percent, the influential energy sector off 2.4 percent and the heavily weighted financial group lower by 2 percent. ($1=$0.98 Canadian) (Reporting by Scott Anderson; Editing by Renato Andrade)