3 Min Read
* TSX falls 73.37 points to 11,212.39
* Ends week 2 percent lower
* RIM shares tumble 16.8 percent (Adds details and comments)
By Frank Pingue
TORONTO, Sept 25 (Reuters) - Toronto's main stock index dropped on Friday, finishing the week 2 percent lower, after investors punished Research In Motion RIM.TO for an outlook that raised concerns about the BlackBerry maker's growth prospects.
RIM shares were the biggest drag on the index by far, sliding 16.8 percent to C$75.04 and pulling the information technology group down 5.4 percent. After the market closed on Thursday, the company unveiled profit and revenue estimates that fell short of what analysts had been expecting [ID:nN24466680].
Energy shares, which rose as crude prices edged higher on tension over Iran's nuclear program, cushioned RIM's impact on the index. The sector was down sharply the previous day.
TransCanada (TRP.TO) rose 1 percent to C$33.73, while Canadian Natural Resources (CNQ.TO) ended up 0.9 percent at C$72.51.
"We've managed to claw back some of the losses, and if it were not for RIM I think we would actually have been marginally on the plus side," said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.
The S&P/TSX composite index .GSPTSE closed down 73.37 points, or 0.65 percent, at 11,212.39. Earlier in the session it had fallen as much as 111 points to 11,174.61.
The slide in equities follows scores of weak data in recent sessions, including Friday's weak reports on U.S. durable goods orders and new home sales that fanned fears that the recovery from recession would be tepid. [ID:nN25518709]
The materials group, home to gold-mining shares, ended down 0.86 percent given slow physical demand for bullion and investor frustration with the precious metal's inability to sustain a price of $1,020 an ounce hit this week. [GOL/]
Shares of Goldcorp (G.TO) dropped 2 percent to C$42.05, while Kinross Gold (K.TO) slipped 2 percent to C$22.40.
"We've entered a phase this week where investors are turning a little more cautious on the state of the market in general," said Picardo. "And the data we've seen over the past couple days sort of justify that caution."
The TSX closed down in 4 of the week's five sessions but still exits the week 49.8 percent above the five-year low it tumbled to in March.