UPDATE 3-Toronto stocks sink as techs, energy firms weigh

Wed Feb 6, 2008 2:35pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Updates with details)

TORONTO Feb 6 (Reuters) - The Toronto Stock Exchange's main index turned negative on Wednesday, falling along with tech and energy heavyweights Research In Motion RIM.TO and EnCana Corp (ECA.TO: Quote).

Bullish bullion prices helped lift gold issues, with global leaders Goldcorp (G.TO: Quote) and Barrick Gold (ABX.TO: Quote) helping to cushion the broader market's slide.

The S&P/TSX composite index .GSPTSE was down 33.41 points, or 0.3 percent, at 12,898.54. It was up as much as 135 points earlier in the session.

The relatively small information technology sector tumbled 2.9 percent, yanked lower by the volatile shares of BlackBerry maker RIM, which fell C$3.77 to C$85.15.

Although natural gas futures remained flat, the price of U.S. crude oil slid sharply midway through the session, driving down TSX oil and gas producers.

The sector slipped 0.7 percent, with EnCana down C$1.16 at C$65.75 and Petro-Canada PCA.TO off C$1.18 at C$43.39.

Cameco Corp (CCO.TO: Quote) edged lower by 20 Canadian cents, to C$32.12, after the world's top uranium producer said quarterly profit jumped more than 50 percent. For details, see: [nN06269462]

On the upside, BCE Inc (BCE.TO: Quote), Canada's No. 1 telecom firm, rose 82 Canadian cents to C$35.37 as investors cheered its fourth-quarter results. For details, see: [nN06299216]   Continued...