CANADA STOCKS-TSX flat after earlier hitting 13-month high

Wed Nov 18, 2009 1:52pm EST
 
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 * TSX down 8.91 points at 11,621.09
 * Energy and gold-mining shares turn around
 (Recasts)
 TORONTO, Nov 18 (Reuters) - Toronto's main stock index was
little changed on Wednesday as investors opted to pocket gains
recorded early in the session that had sent the resource-heavy
index to a 13-month high alongside a rise in commodity prices.
 Energy and gold-mining stocks, which helped power the early
rally, were among the key drags on the index as many investors
ignored higher oil and gold prices.
 Barrick Gold (ABX.TO: Quote) shares, the main drag on the index,
were down 2.8 percent at C$46.14, while Goldcorp (G.TO: Quote) dropped
1.6 percent to C$46.06.
 Among energy companies weighing on the index were Suncor
Energy SU.TO, down 0.5 percent at C$38.68, and Canadian
Natural Resources (CNQ.TO: Quote), off 0.9 percent at C$71.69.
Shares of Research In Motion RIM.TO dropped 2.5 percent to
C$62.91 after BMO Capital Markets downgraded the BlackBerry
maker to "market perform" from "outperform," citing concerns
about its 2011 earnings. [ID:nBNG462185]
 At 1:35 p.m. (1835 GMT) the S&P/TSX composite index
.GSPTSE was down 8.91 points, or 0.08 percent, at 11,621.09.
Earlier, it rose 72 points to 11,702.24, which marked its
highest level since October 2008.
 Fergal Smith, a managing market strategist at Action
Economics said the TSX will struggle to sustain its penetration
of the session high as long as the Standard & Poor's 500 Index
.SPX remained under pressure.
 U.S. stocks were under pressure given on unexpected fall in
new U.S. home construction, which sparked worries about the
strength of an economic recovery. [ID:nN1899353]
 ($1=$1.06 Canadian)
 (Reporting by Frank Pingue)