UPDATE 2-Toronto stocks slip as investors take profits
August 22nd, 2008 | by admin |* Resources slump after mid-week surge
* CI Financial says has discussed strategic combinations
* HudBay dips after says will shut zinc operation (Adds details)
TORONTO, Aug 22 (Reuters) - The Toronto Stock Exchange’smain index fell on Friday morning, pulled lower by heavyweightresource issues as investors took profits following a surge bycommodities this week.
The energy and materials groups slipped 1.6 percent and 1percent, respectively.
Among oil shares, Canadian Natural Resources (CNQ.TO: Quote, Profile, Research, Stock Buzz) sank2.1 percent to C$87.63.
Copper and zinc miner HudBay Minerals Inc (HBM.TO: Quote, Profile, Research, Stock Buzz) slipped2.3 percent to C$11.14, while Barrick Gold (ABX.TO: Quote, Profile, Research, Stock Buzz) was down1.5 percent at C$36.94.
“I think the rally we’ve had over the last couple of daysexplains it,” said Rick Hutcheon, president and chief operatingofficer at RKH Investments. “A move like that needs to becorrected.”
By mid-morning, the S&P/TSX composite index .GSPTSE wasdown 36.28 points, or 0.27 percent, at 13,502.94, with half its10 main groups lower. The market fought its way back afterdropping more than 100 points at the open.
