CANADA STOCKS-TSX dips on financials; materials, RIM limit loss

Tue Sep 1, 2009 11:06am EDT
 
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* TSX falls 0.14 percent to 10,852.64

* Materials outweighed by weakness in financials

* RIM leads influential risers after Credit Suisse upgrade (Adds details)

TORONTO, Sept 1 (Reuters) - Toronto's main stock index slipped on Tuesday, as weakness led by weighty financials outweighed rising oil and gold prices and U.S. data that lent support to the view of a stabilizing economy.

Toronto's index bounced back from initial weakness at the opening bell as the price of oil turned higher above $70 a barrel, which helped the oil and gas sector gain 0.25 percent.

Gold issues were also firmer alongside the price of gold, which boosted the materials group.

Top movers higher included Barrick Gold ABX.TO, up 2.1 percent at C$38.58, while Goldcorp G.TO rose 1.2 percent to C$40.37. Suncor SU.TO gained 0.5 percent to C$33.65.

Also on the upside, Research in Motion RIM.TORIMM.O led all influential gainers, rising 3.3 percent to C$83.01 after Credit Suisse raised the Blackberry maker to outperform rating.

The index added gains on stronger-than-expected readings on manufacturing and housing, though the impact was short-lived. The U.S. manufacturing sector grew in August in the first month of expansion in more than a year and a half, while pending sales of previously owned U.S. homes raced to a two-year high in July. [ID:nWEN2981] [ID:nN01483755]   Continued...