CANADA STOCKS-TSX ends lower as RIM outweighs oils

Fri Sep 25, 2009 5:32pm EDT
 
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 * 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: Quote) rose 1 percent to C$33.73, while
Canadian Natural Resources (CNQ.TO: Quote) 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: Quote) dropped 2 percent to C$42.05,
while Kinross Gold (K.TO: Quote) 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.
 ($1=$1.09 Canadian)