May 27, 2008 / 3:49 PM / 11 years ago

UPDATE 2-Toronto stocks hurt by lower commodity prices

(Updates to late morning)

*Index tumbles more than 1 percent

*Dragged down by resource shares as commodities fall

*BCE rebounds on Supreme Court of Canada appeal plan

TORONTO, May 27 (Reuters) - The Toronto Stock Exchange’s main index extended declines on Tuesday, sliding more than 200 points as energy and other resource issues were knocked by weak commodity prices.

A strengthening U.S. dollar helped take key underlying commodities oil and gold lower, hurting the heavily weighted resource sector.

Suncor Energy (SU.TO) was down C$2.32, or 3.3 percent, at C$68.92, and Canadian Oil Sands Trust COS_u.TO gave up C$2.15, or 4.2 percent, to C$49.52. The oil and gas sector led the way down, shedding 2.2 percent.

Declines in miners and gold producers also took the benchmark lower, with Barrick Gold (ABX.TO) sliding C$1.02, or 2.4 percent, to C$40.78. Also in the materials sector, fertilizer company Potash Corp of Saskatchewan POT.TO lost C$7.88, or 4 percent, to C$188.00, while the group was down 2.2 percent.

The S&P/TSX composite index .GSPTSE was down 205.40 points, or 1.39 percent, at 14,553.17 with all but one of its 10 main sectors on the retreat.

On the upside, BCE Inc (BCE.TO) rallied C$1.14, or 3.4 percent, to C$34.90, a day after the Supreme Court of Canada said it may hear an appeal of a lower court ruling that casts doubt on the future of its C$34.8 billion ($25.2 billion) buyout.

Shares of Bank of Montreal (BMO.TO) dipped 45 Canadian cents, or 0.9 percent, to C$48.55 after the bank said second-quarter profit was hurt by a weaker capital markets business, but it also partially reversed some previous charges.

Bank of Nova Scotia (BNS.TO) was down 39 Canadian cents, or 0.8 percent, at C$47.81 shortly after reporting a lower profit in the second quarter.

The tech sector was the lone group to stay afloat, edging up 0.2 percent, while Open Text Corp OTC.TO climbed 78 Canadian cents, or 2.3 percent, to C$34.68. Heavyweight Research In Motion RIM.TO added 33 Canadian cents, or 0.3 percent, to C$129.39. ($1=$0.99 Canadian) (Reporting by Leah Schnurr; Editing by Bernadette Baum)

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