CANADA STOCKS-TSX edges lower as resources retreat

Mon Mar 8, 2010 12:17pm EST
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* TSX down 12.95 points, or 0.11 percent, at 11,962.19

* Resource issues fall as oil, gold prices drop

* RIM rises 5 percent after analyst upgrade (Recasts, adds quotes)

By Jennifer Kwan

TORONTO, March 8 (Reuters) - Canada's main stock market index sank on Monday, after touching its highest point in eight weeks, as weaker oil and metal prices pulled down heavily weighted resource issues.

Suncor Energy SU.TO was down 0.3 percent at C$31.78 and Canadian Natural Resources CNQ.TO dropped 0.7 percent to C$73.97, as oil prices weakened below $81 a barrel. [O/R]

Barrick Gold ABX.TO and Kinross Gold K.TO dropped 2 percent as gold prices slid. [GOL/]

At 12:00 p.m. (1700 GMT), the S&P/TSX composite index .GSPTSE was down 12.95 points, or 0.11 percent, at 11,962.19.

After piercing 12,000, the index is likely to drift into a consolidation period over the next few days, said Bruce Latimer, a trader at Dundee Securities.   Continued...