UPDATE 1-Toronto stocks little changed in volatile action

Wed Jan 9, 2008 11:12am EST
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(Updates with details, analyst view)

TORONTO Jan 9 (Reuters) - The Toronto Stock Exchange's main index see-sawed through Wednesday morning as falls in telecom shares and Research In Motion RIM.TO offset rising gold-mining and financial stocks.

The S&P/TSX composite index .GSPTSE was down 10.06 points, or 0.1 percent, at 13,531.69 at midmorning. It fell more than 65 points after the opening bell and was later up by nearly 30 points.

The TSX telecom sector, including Rogers Communications (RCIb.TO: Quote) and Telus Corp (T.TO: Quote), was down 0.8 percent after dropping the previous five sessions.

Rogers was off 73 Canadian cents at C$41.22, while Telus was down 25 Canadian cents to C$46.83.

The volatile shares of Research In Motion, the BlackBerry maker, added to the fall, tumbling C$1.69 to C$95.41.

On the upside, the TSX gold-mining subsector gained another 0.6 percent after soaring 23.6 percent in the previous 10 sessions.

Recently depressed financial stocks, including Toronto-Dominion (TD.TO: Quote) and Bank of Nova Scotia (BNS.TO: Quote), bounced back as investors hunted down bargains in the sector. The financial sector was up 0.3 percent.

"There are tremendous cross-currents," said Sal Masionis, stockbroker at Brant Securities. "People are confused about where to hide because there are new bomb shells going off all over the place."   Continued...