UPDATE 1-Toronto stocks little changed, resources dip

Thu Mar 27, 2008 11:24am EDT
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(Updates stock movement, adds details, quotes)

TORONTO, March 27 (Reuters) - The Toronto Stock Exchange's main index was little changed on Thursday morning, tilting downward as resources dipped and investors took a breather after a strong four-day advance.

The S&P/TSX composite index .GSPTSE was down 7.50 points, or 0.1 percent, at 13,384.36 in the morning. Six of its 10 main sectors were lower.

The materials sector, home to resource shares, slid 0.6 percent, while its gold producers subindex sagged 1.6 percent. Yamana Gold (YRI.TO: Quote) was down C$1.12, or 6.7 percent, at C$15.52, and Goldcorp (G.TO: Quote) was off 34 Canadian cents, or 0.8 percent, at C$40.95 as gold prices weakened.

BlackBerry-maker Research In Motion RIM.TO also weighed on the benchmark, sliding C$4.30, or 3.6 percent, to C$115.85, while the tech sector was off 0.3 percent. Technology shares were hurt by negative sentiment after Oracle Corp's ORCL.O quarterly revenue fell short of expectations.

The Toronto index advanced more than 5 percent over the past four days.

"People may be backing off, the market's had a nice little run the last few days," said Irwin Michael, portfolio manager at ABC Funds. "Not to say it's going to go down from here, but the volatility will probably continue."

On the upside, the heavyweight financial sector edged up 0.6 percent, with Bank of Montreal (BMO.TO: Quote) up 46 Canadian cents, or 1 percent, at C$45.46, while Canadian Imperial Bank of Commerce (CM.TO: Quote) was off 24 Canadian cents, or 0.4 percent, to C$65.96.

Teck Cominco TCKb.TO rose 82 Canadian cents, or 2 percent, to C$42.72, while the mining subindex gained 1.7 percent, bucking the downward direction of its larger materials sector.   Continued...