Toronto stocks dive in resource-driven retreat

Wed Sep 3, 2008 11:45am EDT
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TORONTO, Sept 3 (Reuters) - The Toronto Stock Exchange sold off sharply for a second day in a row on Wednesday, giving up more than 2 percent by late morning in a broad decline led by resource shares, which followed commodities lower.

The S&P/TSX composite index .GSPTSE was down 300.35 points, or 2.26 percent, at 12,999.19, adding to a loss of more than 3 percent in the previous session.

The energy and materials sectors, which together make up about half the index, dragged as oil and gold prices retreated. Oil fell to below $108 a barrel on worries of weakening demand.

Among the biggest laggards, Canadian Natural Resources CNQ.TO was down 5.6 percent at C$80.03, while Potash Corp of Saskatchewan (POT.TO: Quote) shed 5.9 percent to C$162.60. ($1=$1.06 Canadian) (Reporting by Leah Schnurr; editing by Rob Wilson)