July 28, 2008 / 8:43 PM / 11 years ago

UPDATE 3-Toronto stocks retreat as financials weigh

(Updates closing numbers, adds details)

*TSX closes lower after late-day retreat

*Financials fall on nagging credit crunch woes

*Resources hold onto gains as commodities climb

TORONTO, July 28 (Reuters) - The Toronto Stock Exchange’s main index ended lower on Monday in a late-day retreat as financials were hurt by nagging concern that there will be more fallout from the credit crunch.

The resource sectors eased back from earlier gains but managed to stay on the upside as energy and gold producers rose along with their underlying commodities. In the oil patch, Canadian Natural Resources (CNQ.TO) rose 1.3 percent, while among the miners, Goldcorp (G.TO) added 2.4 percent.

After climbing by more than 1 percent in the morning, the index reversed course, yanked down by banking stocks that tracked losses in their U.S. counterparts.

Fresh worries of more credit losses stung the sector after U.S. regulators on Friday took over two small banks that had failed. In Toronto, Bank of Nova Scotia (BNS.TO) gave up 2.3 percent.

The S&P/TSX composite index .GSPTSE closed down 74.85 points, or 0.56 percent, at 13,303.96 with six of its 10 main sectors pushing lower.

The financials sagged 2.2 percent, with Royal Bank of Canada (RY.TO) down C$1.20, or 2.7 percent, at C$43.72, and Scotiabank losing C$1.14 to C$47.82.

The heavyweight energy sector maintained its lead on the upside as oil prices rose after militant attacks in Nigeria hurt that country’s oil production.

The oil and gas group was up 0.8 percent, with Canadian Oil Sands Trust COS_u.TO gaining C$1.39, or 2.9 percent, to C$48.91, while Canadian Natural Resources rose C$1.02 to C$78.74.

Materials added 0.5 percent, with help from its gold producers, including Barrick Gold (ABX.TO), which rose 75 Canadian cents, or 1.7 percent, to C$45.44. Goldcorp was up 97 Canadian cents at C$41.97. ($1=$1.02 Canadian) (Reporting by Leah Schnurr; Editing by Peter Galloway)

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