CANADA STOCKS-TSX drops on lower oil prices, BlackBerry doubts
* TSX falls 46.82 points, or 0.37 percent, to 12,488.09 * Seven of 10 main sectors decline * BlackBerry loses 5.5 percent By John Tilak TORONTO, April 11 (Reuters) - Canada's main stock index pulled back on Thursday after three positive sessions as a drop in oil prices on demand concerns pulled energy shares lower, offsetting positive economic data from the United States and China. The Canadian market was further weakened by declines in financial shares and by a drop in BlackBerry stock as some analysts continued to express doubts about the success of the smartphone maker's turnaround plan. Oil prices fell to around an eight-month low after analysts cut their global demand outlook for the commodity. The weakness overshadowed a sharp fall in U.S. jobless claims and positive data from the Chinese banking sector. "It is all short-term maneuvering of prices for commodities, and that's the way it's going to be for a while," said Fred Ketchen, director of equity trading at ScotiaMcLeod. "Whether it be energy, nickel or copper, they're all fidgeting around, not knowing where they want to settle." The Toronto Stock Exchange's S&P/TSX composite index was down 46.82 points, or 0.37 percent, at 12,488.09. Seven of the 10 main sectors on the index were in the red. The index eased from three straight sessions of gains, which followed a five-day losing streak last week. "After a couple of days of some reasonable gains of the Canadian market, it's time to maybe make some adjustment, and people are probably taking some short-term profits," Ketchen said, adding that long-term investors should buy the dips and be patient. Shares of energy companies fell 0.5 percent. Suncor Energy Inc was down 0.7 percent at C$29.92. Financials, the index's weightiest sector, declined 0.3 percent, with Bank of Nova Scotia losing 0.8 percent to C$57.95. The materials sector, which includes mining stocks, gave back 0.3 percent. Shares of BlackBerry fell 5.5 percent to C$14.11. "We continue to believe that recent optimism surrounding the ability of the new BlackBerry 10 products to get BlackBerry back to long-term profitability will ultimately prove unwarranted," Pacific Crest analyst James Faucette wrote in a research note. ($1=$1.01 Canadian) (With additional reporting by Euan Rocha; Editing by Peter Galloway)
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