UPDATE 1-Toronto stocks slip as investors take profits
August 22nd, 2008 | by admin |(Adds details)
TORONTO, Aug 22 (Reuters) - The Toronto Stock Exchange’smain index opened lower on Friday as investors took profitsfollowing a surge in commodities in the previous two sessions.
Shortly after the open, the S&P/TSX composite index.GSPTSE was down 99.85 points, or 0.7 percent, at 13,439.37,with six of its 10 main groups lower. The market made loftygains on Wednesday and Thursday, which helped to push thebenchmark index up more than 3 percent so far this week.
The heavyweight energy and materials groups slipped 2.1percent and 2.3 percent, respectively.
Among oil shares, Canadian Natural Resources (CNQ.TO: Quote, Profile, Research, Stock Buzz) sank2.8 percent to C$87.00.
Copper and zinc miner HudBay Minerals Inc (HBM.TO: Quote, Profile, Research, Stock Buzz) slipped1.8 percent to C$11.19, while Barrick Gold (ABX.TO: Quote, Profile, Research, Stock Buzz) was down2.8 percent at C$36.47.
U.S. oil slipped below $120 a barrel, as the U.S. dollarstrengthened and on profit-taking, while gold and base metalssagged.
Financials were up 0.9 percent with Royal Bank of Canada(RY.TO: Quote, Profile, Research, Stock Buzz) up 1.6 percent to C$46.04 and Bank of Nova Scotia(BNS.TO: Quote, Profile, Research, Stock Buzz) up 0.8 percent at C$48.20. ($1=$1.05 Canadian) (Reporting by Jennifer Kwan; Editing by Scott Anderson)
