CANADA STOCKS-TSX little changed as Potash gains, gold slides

Mon Dec 7, 2009 11:27am EST
 
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 * Erases early 65-point skid
 * Potash Corp up 3.04 percent at C$127.75
 (Adds details and comments)
 By Irene Kuan
 TORONTO, Dec 7 (Reuters) - Toronto's main stock index
traded little changed on Monday morning as shares of fertilizer
makers, including Potash Corp (POT.TO: Quote), rose after upgrades
while gold miners followed bullion prices lower.
 Shares of Potash Corp, the world's largest fertilizer
maker, rose 3.04 percent to C$127.75 after a Goldman Sachs
upgrade. Rival Agrium also rose 4.03 percent to C$63.44 after a
UBS upgrade. [ID:nN07161495]
 "The whole sector is becoming more favorable amongst
investors," said Ian Nakamoto, director of research at
MacDougall, MacDougall & MacTier, referring to fertilizer
companies.
 "It was down in the dumps, the fertilizer stocks in
particular in the last year, and I think it's one sector that
has moved recently, but still lags the overall market."
 On the flip-side, Canada's No. 1 gold miner Barrick Gold
(ABX.TO: Quote) was the largest drag on the index, down 3.28 percent
at C$43.62. Goldcorp (G.TO: Quote) was down 2.64 percent at C$43.48.
 Gold prices fell 2 percent in Europe on Monday on selling
prompted by the U.S. dollar's rise to a five-week high versus
the euro following above-consensus jobs data in the United
States last week. [GOL/]
 At 11:15 a.m. (1615 GMT), the S&P/TSX composite index
.GSPTSE was down 3.87 points, or 0.03 percent, at 11,505.93.
Earlier, it had fallen as much as 65 points.
 (Reporting by Irene Kuan; editing by Jeffrey Hodgson)