June 4, 2008 / 8:38 PM / 11 years ago

REFILE-UPDATE 2-Toronto stocks dinged by soft resource issues

(Refiles to correct spelling of “Cristinas” in paragraph 7.)

*Weaker resources outweigh gains in majority of sectors

*Bombardier rises to six-year high on strong profit gain

TORONTO, June 4 (Reuters) - Faltering resource issues pulled the Toronto Stock Exchange’s main index slightly lower on Wednesday, as materials and energy companies were stung by weaker commodity prices.

With the majority of sectors pushing higher, the falling resource groups were largely responsible for the benchmark’s downward direction. The heavyweight energy sector, which has frequently dictated the direction of the benchmark, followed the price of oil lower to give up 1 percent.

Petro-Canada PCA.TO fell 74 Canadian cents, or 1.3 percent, to C$56.84, while Suncor Energy (SU.TO) dropped 60 Canadian cents, or 0.9 percent, at C$66.00.

The materials sector, home to resource shares, also weighed as it lost 1 percent. Fertilizer company Potash Corp of Saskatchewan slipped 80 Canadian cents, or 0.4 percent, to C$212.50. Among miners, Teck Cominco TCKb.TO dropped C$1.18, or 2.4 percent, to C$48.35.

The S&P/TSX composite index .GSPTSE closed down 38.15 points, or 0.26 percent, at 14,690.46 with just three of its 10 main groups on the downside.

The telecoms sector was the other sector in the negative, taking an 0.8 percent trim. Rogers Communications (RCIb.TO) tumbled 87 Canadian cents, or 2.1 percent, to C$41.64.

Crystallex International KRY.TO fell 4 Canadian cents, or 4.9 percent, to 77 Canadian cents, extending its decline as the resignation of is chief executive underscored doubts surrounding the mining company ever developing its Las Cristinas gold deposit in Venezuela.

On the upside, shares of Bombardier (BBDb.TO) rose to a six-year high, closing up 74 Canadian cents, or 9.1 percent, to C$8.90 after it said its quarter profit nearly tripled, while aircraft deliveries rose. ($1=$1.02 Canadian) (Reporting by Leah Schnurr; Edited by Frank McGurty)

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