CANADA STOCKS-TSX dives on U.S. debt deadlock, weak data

Wed Jul 27, 2011 10:45am EDT
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 *TSX down 141.45 points at 13,159.11
 *All 10 index sectors weaker, led by energy, banks
 *RIM slides 4.5 pct after UBS share-price target cut
 (Updates with details, comments)
 By Claire Sibonney
 TORONTO, July 27 (Reuters) - Toronto's main stock index
fell for a third straight day on Wednesday, dropping more than
1 percent, as the political deadlock over raising the U.S. debt
ceiling and weak U.S. data sent investors searching for safety.
Heavily weighted financials and energy shares were the top
decliners, down 1.04 percent and 1.6 percent respectively as
U.S. crude extended losses, falling more than $1 a barrel.
 Suncor Energy SU.TO was the most heavily weighted
decliner on the index, falling 1.8 percent to C$38.47, while
Toronto-Dominion Bank TD.TO followed, down 1.3 percent at
 Data that showed U.S. durable goods orders fell
unexpectedly in June undermined the confidence of investors,
who were already on edge over partisan wrangling ahead of the
fast-approaching deadline to raise the U.S. debt ceiling.
[nN1E76Q09V] [nN1E76P2HJ]
 "(Investors) just wish it would get out of the way, it just
sort of seems to be in the press 24/7 right now," said Bruce
Latimer, a trader at Dundee Securities, about the U.S. budget
 "Meanwhile you've got some other big North American
companies have reported some gangbuster earnings, and it seems
to get shoved into the background," he added, noting the surge
in quarterly revenues reported by late on Tuesday.
 Research In Motion RIM.TO was another top decliner,
dropping 4.5 percent to C$24.71 after UBS cut its price target
for RIM shares, saying the BlackBerry maker is still in the
early stages of a software transition and is facing daunting
competition. [nN1E76Q08E]
 At 10:23 a.m. (1423 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was down 141.45 points, or
1.06 percent, at 13,159.11. All 10 sectors were weaker.
Valeant Pharmaceuticals International VRX.TO was the most
heavily weighted gainer on the index, rising 1.6 percent to
C$53.36 after reports that the Canadian company had made a
takeover offer for Swedish drugmaker Meda AB MEDAa.ST
 Canadian Pacific Railway was up 1.5 percent at C$59.25,
after reporting a rise in quarterly revenues, though its profit
fell 23 percent due to weather-related problems.  [nL3E7IR2Y6]
 ($1=$0.94 Canadian)
 (Reporting by Claire Sibonney; editing by Peter Galloway)