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

Barrick Gold (ABX.TO: Quote) and Kinross Gold (K.TO: Quote) 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...