CANADA STOCKS-TSX flat on mixed commodities; RIM drags

Wed Jul 20, 2011 11:06am EDT
 
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  *TSX up 20.31 points at 13,353.23
 * Six of 10 sectors weaker
 * RIM down 2 percent at C$24.94
 (Updates with details, comments)
 By Claire Sibonney
 TORONTO, July 20 (Reuters) - Toronto's main stock market
was little changed on Wednesday morning as stronger energy
shares struggled to offset weakness in miners and in Blackerry
maker Research In Motion RIM.TO.
 Firmer oil prices lifted energy shares 0.5 percent, while
financials advanced 0.6 percent following a sharp selloff.
earlier in the week. [O/R]
 The three most heavily weighted climbers were Royal Bank of
Canada (RY.TO: Quote) up 0.9 percent at C$53.52, Toronto-Dominion Bank
(TD.TO: Quote), up 0.8 percent at C$80.04, and Suncor Energy (SU.TO: Quote),
which added 0.7 percent to C$38.66.
  Nexen Inc NXY.TO was up 0.7 percent at C$22.93, after
China's top offshore oil producer CNOOC Ltd (0883.HK: Quote) agreed to
buy Opti Canada Inc OPC.TO, which owns a 35 percent interest
in four Nexen oil sands projects in northeast Alberta,
including the struggling Long Lake project. Nexen owns the
remaining 65 percent stake, and is now seen having a stronger
partner, said Youssef Zohny, portfolio manager at Van Arbor
Asset Management in Vancouver. [nL3E7IK12D]
 At 10:44 a.m. (1444 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 20.31 points, or 0.15
percent, at 13,353.23, after opening higher and then turning
lower in early dealings.
 Gold-mining shares were down 0.1 percent as bullion prices
eased from the previous day's record high as gold's safe-have
appeal faded as hopes rose for a positive outcome to Thursday's
euro zone summit on debt problems and on signs that talks on
raising the U.S. debt ceiling would produce results.
 The most heavily weighted decliner on the index was RIM,
down 2 percent at C$24.94 after news that the Canadian
technology giant had lost another top executive a day after
U.S. rival Apple's quarterly earnings smashed Wall Street's
expectations. [nN1E76I1K8] [ID:nN1E76J0D3]
 "We saw outstanding earnings from Apple overnight, and this
morning RIM is opening up with a little Apple envy to the
downside," Zohny said.
 "RIM continues to trade at fairly low valuations and it's
still in transition so there's definitely going to be some
short-term volatility."
 ($1=$0.95 Canadian)
 (Reporting by Claire Sibonney; editing by Peter Galloway)