* TSX down 78.87 points at 10,831.88
* RIM stock drops on Citigroup downgrade (Adds details and comments)
By Frank Pingue
TORONTO, Nov 2 (Reuters) - Toronto’s main stock index was stuck lower on Monday afternoon as BlackBerry maker Research In Motion RIM.TO headlined a selloff after its shares were downgraded to a “sell” rating.
Shares of RIM, the biggest drag on the index, were down 6.7 percent at C$59.56 after an analyst told investors to sell the stock because of mounting competition from other smartphone makers. [ID:nN02444807]
Also contributing to the retreat on the TSX was a slide in weighty financial issues ahead of their quarterly earnings reports, due later this month.
Shares of Royal Bank of Canada RY.TO were off 1.5 percent at C$53.97, while insurer Manulife Financial (MFC.TO) fell 2.6 percent to C$19.76.
“(Financials) were a better performer last week so they are giving back a bit of what they made,” said Bruce Latimer, a trader at Dundee Securities. “Plus, bank earnings are due soon and people aren’t really eager to place a bet right now.”
At 1:10 p.m. (1810 GMT), the S&P/TSX composite index .GSPTSE was down 78.87 points, or 0.72 percent, at 10,831.88. Earlier in the session it had rallied as much as 52 points.
($1=$1.08 Canadian) (Reporting by Frank Pingue; editing by Rob Wilson)