June 2, 2008 / 1:54 PM / 11 years ago

Toronto stocks slip early but bounce back

TORONTO, June 2 (Reuters) - The Toronto Stock Exchange’s main index started the week with a drop on Monday, but recovered as hot materials stocks offset cool energy producers and financial institutions.

The S&P/TSX composite index .GSPTSE was up 18.20 points, or 0.1 percent, at 14,732.93 after falling more than 60 points immediately after the opening bell.

Materials stocks, which include miners and agriculture producers, climbed 0.5 percent, with Potash Corp of Saskatchewan POT.TO up C$2.53 at C$199.86.

Weak crude oil prices hit the energy sector, down 0.5 percent, while a chill in European banking issues may have encouraged selling in TSX financial firms, down 0.4 percent.

Suncor Energy (SU.TO) was off 58 Canadian cents at C$67.18.

$1=$1.00 Canadian Reporting by Jonathan Spicer; editing by Janet Guttsman

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