May 21, 2008 / 7:38 PM / 10 years ago

UPDATE 2-Toronto stocks tumble 200 pts late in the day

(Updates to late afternoon)

*Index falls 200 points late in the day

*Financial and resource shares tumble

*Energies hit by profit-taking

TORONTO, May 21 (Reuters) - The Toronto Stock Exchange’s main index fell further on Wednesday afternoon, giving up more than 200 points as financials and resources sagged and investors cashed in profits in the energy sector.

The S&P/TSX composite index .GSPTSE was down 211.67 points, or 1.41 percent, at 14,835.67 after climbing as high as 15,128.56 earlier in the day.

The energy sector reversed, giving up 1.2 percent, despite yet another record high over $133 a barrel for oil. Canadian Natural Resources CNQ.TO was off 99 Canadian cents, or 0.9 percent, to C$104.37, while Imperial Oil IMO.TO was down 79 Canadian cents, or 1.3 percent, at C$60.16.

Strength in the heavyweight energy sector has largely helped the Toronto benchmark to recent highs, including its close above 15,000 for the first time on Tuesday.

Also taking the benchmark lower on Wednesday, the materials sector sagged 1.6 percent, hurt as fertilizer company Potash Corp of Saskatchewan POT.TO was down C$9.22, or 4.6 percent, at C$192.48. Agrium AGU.TO lost C$4.21, or 4.8 percent, to C$83.72.

Losses in the mining subindex also hurt the larger materials group, shedding 2.5 percent. Teck Cominco TCKb.TO was down C$2.04, or 3.9 percent, at C$49.96.

Declines in the large financial sector also undercut the index, as Canadian Imperial Bank of Commerce CM.TO dropped C$1.74, or 2.4 percent, to C$71.67, and Bank of Nova Scotia BNS.TO was off C$1.07, or 2.2 percent, to C$47.67. The group was down 1.3 percent.

Elsewhere, BlackBerry-maker Research In Motion RIM.TO slid C$5.20, or 3.8 percent, to C$132.02, helping the tech sector lose 1.9 percent.

The gold subsector managed to stay on the upside, inching up 0.2 percent as the price of bullion strengthened. Barrick Gold ABX.TO was up 69 Canadian cents, or 1.7 percent, at C$42.57, and NovaGold NG.TO added 47 Canadian cents, or 5.7 percent, to C$8.67. ($1=$0.98 Canadian) (Reporting by Leah Schnurr; editing by Renato Andrade)

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