Toronto stocks slide on RIM, profit-taking
By Leah Schnurr
TORONTO (Reuters) - The Toronto Stock Exchange's main index closed lower on Monday, ending four days of gains, as weak tech and financial shares dragged on the market.
The tech sector slid 2.2 percent, led down by BlackBerry maker Research In Motion RIM.TO, which lost C$9.07, or 8 percent, to C$104.76 after Morgan Keegan cut its rating on the stock.
Financials, which rallied last week on quarterly earnings from some of the major banks, fell 0.2 percent, hurt by profit-taking.
The sector was also hindered by nagging concerns over the fallout from troubles in the U.S. credit market, said Peter Chandler, senior vice-president at Canaccord Capital in Waterloo, Ontario.
"(There's) a lot of anxiety about whether there's more shoes to fall in the whole subprime area," Chandler said.
Toronto's key S&P/TSX composite index .GSPTSE closed down 31.95 points, or 0.23 percent, at 13,657.17 with half of its subindexes lower.
The market was also looking ahead to an interest rate decision by the Bank of Canada on Tuesday.
"In our market, everybody seems to be focusing their attention on the Bank of Canada's meeting tomorrow and will they or won't they lower interest rates," Chandler said. Continued...