March 28, 2008 / 6:25 PM / 11 years ago

UPDATE 2-Toronto stocks fall after five-day rally

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TORONTO, March 28 (Reuters) - The five-day rally on the Toronto Stock Exchange’s main index was in danger on Friday as weak commodities prices and falling financial shares teamed up to pull it lower.

By midafternoon, the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was down 87.79 points, or 0.7 percent, at 13,317.99.

Seven of the TSX index’s 10 main groups were lower, led by a 0.8 percent dip in the heavyweight energy group and a 0.4 percent fall in the resource-laden materials group. Financial shares were down 1.5 percent.

Together these three sectors account for more than 70 percent of the market.

Energy shares fell on the back of a lower U.S. crude oil price, which fell 2.4 percent to $104.95 a barrel as crude flows through Iraq’s pipeline system were restored after a bomb attack a day earlier.

Niko Resources (NKO.TO) was down C$1.60 at C$83.40, and Canadian Natural Resources (CNQ.TO) fell 80 Canadian cents to C$70.65.

Gold-mining shares followed the price of the precious metal lower. Gold slipped to $931.80 an ounce because of the rising U.S. dollar and soft oil prices.

Goldcorp (G.TO), Canada’s No. 2 producer, was down 81 Canadian cents at C$40.26.

In the financial sector, which has gained significant ground in recent sessions, Bank of Montreal (BMO.TO) was off 83 Canadian cents at C$45.10.

Strength in the utilities, consumer staples and technology groups tempered the declines with Research In Motion RIM.TO up C$2.91 at C$117.43.

$1=$1.02 Canadian Reporting by Scott Anderson; Editing by Peter Galloway

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