January 7, 2008 / 10:01 PM / 11 years ago

UPDATE 2-Toronto stocks pulled sharply lower by resources

(Updates with official closing numbers, adds details)

TORONTO, Jan 7 (Reuters) - The Toronto Stock Exchange’s main index sank on Monday for the second session in a row as resource and financial issues helped pull the market broadly lower.

The index trimmed some of its losses — it fell more than 200 points in early trade — but it still extended Friday’s decline as fears of a recession in the United States also weighed.

Falling oil and gold prices, and worries over the prospect of a global economic slowdown helped drag the energy and materials sectors down 1.2 percent and 1.5 percent respectively.

Suncor Energy (SU.TO) fell C$1.32, or 1.2 percent, to C$108.35, and Barrick Gold (ABX.TO) was down 48 Canadian cents, or 1 percent, at C$47.48.

The financial sector was off 0.7 percent. Toronto-Dominion Bank (TD.TO) fell following rumors in foreign exchange markets that TD could be hit with a writedown of $11 billion. TD repeated that it has no exposure to the U.S. subprime market, but finished down C$1.46, or 2.2 percent, at C$65.66.

Canadian Imperial Bank of Commerce (CM.TO) rose C$1.02, or 1.5 percent, to C$69.02 after a management shakeup in which it ousted its chief risk officer and the head of its corporate and wholesale banking unit.

Overall, the S&P/TSX composite index .GSPTSE closed down 159.71 points, or 1.16 percent, at 13,618.87 with eight of its 10 main groups in negative territory.

The index has lost 2.6 percent in the last two sessions after Friday’s U.S. jobs report fueled jitters over a possible recession.

Rogers Communications Inc (RCIb.TO) shed C$2.50, or 5.8 percent, to C$40.95 after it said it added fewer than expected wireless subscribers in the fourth quarter.

The telecoms sector lost 2.3 percent. ($1=$1.00 Canadian) (Reporting by Leah Schnurr; Editing by Peter Galloway)

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