CANADA STOCKS-TSX flat, energy gains offset by RIM

Thu Jun 14, 2012 12:15pm EDT
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* TSX down 8.54 pts, or 0.1 pct, at 11,489.33
    * Oil and gas shares lead gains
    * RIM falls 5 pct after latest board shuffle
    * Markets jittery ahead of Greek elections

    By Jon Cook	
    TORONTO, June 14 (Reuters) - Canada's main stock index was
little changed on Thursday, as oil and gas sector gains were
offset by escalating euro zone worries ahead of this weekend's
Greek election and a negative reaction to Research In Motion's
 latest board shuffle.	
    Spain's 10-year bond yield climbed to a euro-era record
above 7 percent on Thursday, and fears over the impact on global
growth of Europe's spiraling debt crisis kept world shares in
check. U.S. stock indexes rose in choppy trading ahead of a
weekend election that could decide Greece's fate in the euro
    "Everything seems to be roaming around flat, there's not any
indication one way or the other," said Fred Ketchen, director of
equity trading at ScotiaMcLeod, who added investors are waiting
for conditions to solidify in Europe.	
    The uncertainty weighed on stocks, with the majority of
Canada's 10 main sectors down. Gains were led by the heavyweight
energy group, which edged up 0.6 percent as U.S. crude oil
rebounded after hitting an eight-month low the previous session.
    Leading the way was Encana Corp, up 2.4 percent at
C$21.22, TransCanada Corp, which edged up 0.6 percent
to C$42.46, and Canadian Natural Resources, up 0.6
percent at C$27.28.	
    Offsetting those gains was RIM, which tumbled 5 percent to
C$10.45 on Thursday after the struggling BlackBerry maker
announced a new board position and said current Chief Executive
Thorsten Heins received total compensation of $10.2 million in
fiscal 2012. 	
    "It didn't excite anyone," Ketchen said of the filing. "I
think the money aspect is a factor" in the stock decline, he
    At 11:50 a.m. (1550 GMT), the Toronto Stock Exchange's
S&P/TSX composite index was down 8.54 points, or 0.1
percent, at 11,489.33.	
    The heavyweight materials sector, which includes miners,
sagged 0.1 percent as gold and base metals miners retreated on
fears of slowing global demand.  	
    The most influential decliners included Goldcorp Inc,
off 0.8 percent to C$40.88, Barrick Gold, which dropped
0.5 percent to C$39.46, and Agnico Eagle Mines Ltd,
down 1 percent at C$42.87.    	
    Adding to the global uncertainty was weak U.S. jobless
claims data on Thursday that showed the number of Americans
filing new claims for unemployment benefits unexpectedly rose
last week. 	
    Headwinds from Europe picked up after Spain's 10-year bond
yield climbed to a euro-era record above 7 percent on Thursday,
following a three-notch downgrade in Spain's credit rating by
Moody's Investors Service late on Wednesday, which took it to
within one notch of "junk" status. 	
    The Bank of Canada responded to the latest euro zone
developments on Thursday, saying Canada's financial system
remains highly vulnerable to a further deepening of the European
debt crisis. 	
    Analysts said markets would remain volatile in the near
    "We have to wait until after the election in Greece on the
weekend," said Ketchen. "Spain still has its problems and who
knows what's going to happen to some of the other countries that
are mixed up in this whole sad state."