CANADA STOCKS-TSX flat as resources rebound; Rogers skids

Tue Oct 26, 2010 11:07am EDT
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   * TSX up 10.66 points, or 0.08 percent, at 12,674.24
 * U.S. consumer confidence report helps buoy market
 * Rogers tumbles 5.6 percent after quarterly results
 (Adds details, quotes)
 By Jennifer Kwan
 TORONTO, Oct 26 (Reuters) - Toronto's main stock index
ticked higher on Tuesday morning as resource shares reversed
course and moved upward following a U.S. consumer confidence
report that topped forecasts.
 The U.S. Conference Board said its index of consumer
confidence rose to 50.2 in October from a revised 48.6 in
September. The median of 72 forecasts from analysts polled by
Reuters was for a reading of 49.2. [ID:nN26127639]
 "Even in the face of sliding housing prices and stubborn
employment figures, U.S. consumers are flocking to the shopping
malls. This a good sign as we approach the Christmas season,"
said Barry Schwartz, vice-president and portfolio manager at
Baskin Financial Services.
 At 10:38 a.m. (1438 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was up 10.66 points, or 0.08
percent, at 12,674.24, with half of its 10 main sectors
 The key energy and materials sectors, which were lower at
the open, rebounded and were up 0.01 percent and 0.4 percent,
respectively. Key names on the upside were Potash Corp
POT.TO, up 1 percent at C$148.30, and Barrick Gold ABX.TO,
up 0.5 percent at C$47.72.
 Another top gainer was Research In Motion RIM.TO, which
jumped 5 percent to C$55.23, a day after the BlackBerry maker
demonstrated its PlayBook tablet computer at an Adobe Systems
ADBE.O conference in California.
 Weighing heavily on the index was Rogers Communications
RCIb.TO, a top net loser, which tumbled 5.6 percent to
C$38.99. The cable-TV and telecom company posted a 24 percent
drop in profit as it fought increased competition in its
wireless business and paid heavily to subsidize smartphones.
 "I think it's more of question that that stock has run up
so significantly. The telcos have been one of the best
performing sectors in 2010," said Schwartz, adding the numbers
were still "pretty good in our opinion."
 ($1=$1.02 Canadian)
 (Reporting by Jennifer Kwan)