December 7, 2009 / 5:21 PM / 8 years ago

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

 * TSX down 5.68 points at 11,516.48
 * Potash Corp and Agrium shares up
 * RIM shares up after China distribution deal  (Adds details and comments)
 By Irene Kuan
 TORONTO, Dec 7 (Reuters) - Toronto’s main stock index was little changed late on Monday morning as shares of big         fertilizer makers Potash Corp (POT.TO) and Agrium (AGU.TO) rose on broker upgrades while gold miners followed bullion prices lower.
 Shares of Potash Corp, the world’s largest fertilizer maker, rose 2.98 percent to C$127.67 after a Goldman Sachs upgrade. Rival Agrium rose 4.17 percent to C$63.47 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 downside, world No. 1 gold miner Barrick Gold (ABX.TO) was the biggest drag on the index, down 3.17 percent at C$43.67. Goldcorp (G.TO) was down 3.25 percent at C$43.21.
 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/]
 Oil prices fell below $75 a barrel, hitting shares of Suncor Energy, which fell 1.79 percent to C$37.23.
 At 11:50 a.m. (1650 GMT), the S&P/TSX composite index .GSPTSE was down 5.68 points, or 0.05 percent, at 11,516.48. Earlier, it had fallen as much as 65 points.
 In other news, Research In Motion RIM.TO shares rose 2.64 percent to C$63.70 after the smartphone maker struck a deal with a Hong Kong-listed company to distribute its Blackberry handsets in China. [ID:nTOE5B60DJ]
 ($1=$1.05 Canadian)  (Reporting by Irene Kuan; editing by Peter Galloway)                                      

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