CANADA STOCKS-TSX slides to lowest level in nearly a week

Wed Nov 10, 2010 11:04am EST
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* TSX pares losses, down 0.6 percent at 12,836.49

* Materials group gives up gains, joins broad decline

* RIM among few blue-chips on the rise (Adds details)

TORONTO, Nov 10 (Reuters) - Toronto's main stock index slid on Wednesday morning as the materials group gave up early gains, pushing the composite to its lowest level in nearly a week.

The TSX opened flat on broad weakness with the pressure alleviated by strength in the materials group, but that heavyweight sector soon lost nearly 1 percent itself as the price of gold turned lower and spot silver fell to a session low.

Teck Resources TCKb.TO fell 1.1 percent to C$47.90, while Kinross Gold (K.TO: Quote) dropped 1.2 percent to C$18.40.

Slower than expected import data from China, concerns about the U.S. Federal Reserve's asset purchases and European debt levels, and the upcoming Group of 20 summit in Seoul were some of the factors behind the drop in Toronto stocks.

"We're seeing the confluence of a lot of events here," said Michael Sprung, president of Sprung & Co Investment Counsel, adding that it was also natural for investors to lock in some profits after the recent rally.

"The loss is picking up quickly."   Continued...