CANADA STOCKS-TSX unwinds early gain as RIM shares unloaded

Mon Nov 2, 2009 1:19pm EST
 
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 * 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: Quote) were off 1.5 percent
at C$53.97, while insurer Manulife Financial (MFC.TO: Quote) 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)