CANADA STOCKS-TSX drops with miners; but banks, RIM limit fall

Mon Aug 27, 2012 11:33am EDT
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* TSX down 16.5 points, or 0.1 percent, at 12,065.75

* Miners, railways among biggest decliners

* RIM rises on Apple-Samsung court case fallout

By Alastair Sharp

TORONTO, Aug 27 (Reuters) - Canada's main equity index slipped on Monday morning as investors pulled back from mining and railway stocks, but Research In Motion shares jumped on hopes that it will benefit from a critical legal victory by Apple Inc over Samsung in a patent dispute.

The index's losses were also limited by gains in Canada's big banks, which are due to report quarterly earnings this week. As well, some oil and gas shares firmed though oil prices slipped.

"The market is really confused," said John Hughes, senior mining analyst at Desjardins Securities in Toronto. "There's no real commitment, up or down."

He said that Toronto-listed miners, particularly those that extract copper, could bounce higher by the end of the year if China moves to restock depleted stores of the metal, which is used extensively in industrial construction.   Continued...