June 26, 2008 / 1:09 PM / 9 years ago

Toronto stocks set for weak open, RIM in view

*TSX looks poised for weaker open

*Research In Motion eyed after first-quarter results

TORONTO, June 26 (Reuters) - The Toronto Stock Exchange’s main index looked set to open weaker on Thursday, in line with global markets, while Research In Motion RIM.TO could drag after it gave a profit outlook that fell short of expectations.

Profits from the BlackBerry maker more than doubled in the first quarter, but fell just short of the average estimate of analysts, while the company gave an outlook that also appeared to let down investors.

The results, posted after market close on Wednesday, sent RIM’s shares sharply lower in after-hours trading in New York.

Energy shares, which have tumbled in the last two sessions, could see pressure if the price of crude continues to see choppy trade as it has recently.

Joe Ismail, technical analyst at Maison Placements Canada, noted that the volatility in oil prices has helped pull the heavyweight energy sector lower, as has some profit-taking among the bigger companies.

In the morning, the price of oil bounced back from losses that were seen after U.S. data showed a build up of oil stocks while demand weakened.

Meanwhile, the price of gold, another key commodity for the resource-heavy Toronto index, also pushed higher while the U.S. dollar weakened.

Financials could take their cue from news south of the border after Goldman Sachs said U.S. banks Citigroup (C.N) and Merrill Lynch & Co MER.N could see writedowns in the second quarter and downgraded their stock ratings.

Shares of grocery chain operator Empire Co (EMPa.TO) could also attract attention as the company is set to report fourth-quarter results later in the day.

The S&P/TSX composite index .GSPTSE starts the day at 14,441.13, after finishing a choppy session slightly higher on Wednesday amid optimism that the U.S. Federal Reserve will hold off on raising interest rates in the near term.

South of the border, futures were pointing to a lower open for Wall Street amid concerns over the banking sector, while around the world stocks also slipped. ($1=$1.01 Canadian) (Reporting by Leah Schnurr; editing by Janet Guttsman)

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