CANADA STOCKS-TSX edges down as lower gold, Potash weigh

Fri Oct 22, 2010 10:45am EDT
 
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 *TSX down 9.87 points, or 0.08 percent, at 12,589.36
 *Six of index's 10 main sectors lower
 (Adds details, quote)
 By Jennifer Kwan
 TORONTO, Oct 22 (Reuters) - Toronto's main stock index was
slightly lower on Friday morning as its hefty materials sector
fell on softer bullion prices and shares of takeover target
Potash Corp dropped.
 Miner Barrick Gold (ABX.TO: Quote) dropped 0.5 percent to C$46.37,
while competitor Goldcorp (G.TO: Quote) shed 0.9 percent to C$42.55
after the price of gold touched a 2-1/2 week low [GOL/]. The
index's materials sector was down 0.3 percent.
 Potash (POT.TO: Quote) slumped 0.9 percent to C$145.38 after the
government of Saskatchewan, where the company is based, said it
opposed BHP Billiton's $39 billion bid to buy the fertilizer
supplier, setting the stage for a politically charged final
decision by the federal government. [ID:nN2199148]
 Energy issues climbed 0.3 percent, with Canadian Natural
Resources (CNQ.TO: Quote) up 0.6 percent at C$36.79, helped by higher
oil prices on a weaker U.S. dollar ahead of a G20 finance
ministers' meeting on currencies. [FRX] [ID:nTOE69L00U]
 At 10:19 a.m. (1419 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was 9.87 points, or 0.08
percent, lower at 12,589.36, with six of its 10 main sectors
lower.
 On the economic front, data showed Canadian retail sales in
August beat forecasts, while inflation data in September was
largely in line with expectations. [ID:nN22252766]
[ID:nN22157729]
 "The economic statistics this morning were pretty good.
Retail sales were better than expected. Inflation I think was
about as good as a number you could hope for -- not too hot,
not too cold. Just right," said David Baskin, portfolio manager
and president of Baskin Financial Services.
 "So today we're seeing very mixed markets. There's no
conviction either way."
 Shaw Communications (SJRb.TO: Quote) (SJRb.TO: Quote) said on Friday its
quarterly profit fell 1.6 percent, missing expectations and
sending its shares sharply lower. Shaw, a top net decliner,
tumbled 4 percent to C$22.51.
 The company also announced what it called an "orderly
transition" with Bradley Shaw replacing his older brother Jim
as chief executive, effective Jan. 13. Their father, JR Shaw,
remains executive chairman of the business.
[ID:N21104780]
 Royal Bank of Canada (RY.TO: Quote), down 0.3 percent at C$56.15,
said on Friday it will sell its U.S. Liberty Life Insurance
unit to Bermuda-based Athene Holding for $628.1 million, which
is less than Royal paid for the business a decade ago.
[ID:nN22168472]
 ($1=$1.02 Canadian)
 (Reporting by Jennifer Kwan; editing by Peter Galloway)