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 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)