CANADA STOCKS-TSX falls, hurt by RIM, financial shares

Fri Feb 13, 2009 5:26pm EST
 
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* TSX sheds 3.7 percent on the week

* Information technology leads TSX lower, RIM weighs

* Financials slip 2.4 percent on U.S. bank worries (Adds details, quote)

By Jennifer Kwan

TORONTO, Feb 13 (Reuters) - Toronto's main stock index fell on Friday, dragged lower by financial services stocks on persisting worries about the health of the U.S. banking sector, while materials shares dropped as the price of gold softened.

The resource-laden index dropped 3.7 percent on the week after logging gains for the two previous weeks.

The information technology group dropped 2.7 percent, leading the downside on a percentage basis, as Research In Motion Ltd RIM.TO slumped 4.8 percent to C$60.05.

Financial shares, down 2.4 percent, remained under pressure from big insurers Manulife Financial (MFC.TO: Quote) and Sun Life Financial (SLF.TO: Quote), which reported weak results on Thursday. Manulife fell 3.7 percent to C$17.53, while Sun Life fell 4.5 percent to C$22.10.

Broader worries over the health of the U.S. banking sector also hit the heavily weighted financials, said Lex Kerkovius, senior research analyst at McLean & Partners Wealth Management Ltd., in Calgary.   Continued...