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

Mon Dec 7, 2009 12:18pm EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

 * 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: Quote) and Agrium (AGU.TO: Quote) 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: Quote) was the biggest drag on the index, down 3.17 percent
at C$43.67. Goldcorp (G.TO: Quote) 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)