October 26, 2010 / 3:11 PM / 7 years ago

CANADA STOCKS-TSX flat as resources rebound; Rogers skids

   * 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 higher.
 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. [ID:nSGE69P0G6]
 “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)                                        

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