June 4, 2008 / 2:52 PM / 11 years ago

UPDATE 1-Energy and financials pull down Toronto stocks

(Adds details)

* Energy and financial shares lead way lower

* Bombardier rises after posting strong profit

TORONTO, June 4 (Reuters) - Toronto’s main stock market index slipped on Wednesday as falling oil prices and weak financial shares weighed on the market.

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was down 37.67 points, or 0.3 percent, at 14,690.94 after touching a low of 14,640.71 earlier in the day.

Six of the TSX index’s 10 main groups were lower, led by a 0.9 percent drop in the energy group and a 0.4 percent fall for financial shares. These two groups account for about 60 percent of the overall market.

“We are still groping to find a lasting direction in this market. But we are coming close,” said Rick Hutcheon, president at RKH Investments.

Energy shares slipped as the price for crude oil briefly touched a three-week low of $123.15 a barrel, before settling around $123.80.

Among oil companies falling were EnCana Corp (ECA.TO), which was down 93 Canadian cents at C$89.47 and Suncor Energy (SU.TO) dropped 52 Canadian cents to C$66.08.

Financial shares fell as the market speculated whether the end of U.S. interest rates cuts was near, while worries over Lehman Brothers LEH.N credit situation lingered.

Royal Bank of Canada (RY.TO), the country’s biggest bank, was down 39 Canadian cents at C$50.01 and Toronto-Dominion Bank (TD.TO) slipped 63 Canadian cents to C$69.27.

A 0.6 percent boost for industrial shares and a 1.1 percent boost from utilities tempered the losses.

Bombardier Inc (BBDb.TO) rose 49 Canadian cents to C$8.65 after it reported a quarterly profit that nearly tripled as aircraft deliveries rose. Bombardier also reinstated its quarterly dividend. ($1=$1.01 Canadian) (Reporting by Scott Anderson; Editing by Frank McGurty)

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