Stocks slip amid profit-taking, Nortel
By Leah Schnurr
TORONTO (Reuters) - The Toronto Stock Exchange's main index finished little changed on Wednesday, weakened by profit-taking, while shares of Nortel and Magna weighed.
Both companies were among the biggest laggards by weight after reporting disappointing fourth-quarter results earlier in the day.
Nortel Networks Corp NT.TO shed C$1.53, or 13.7 percent, to C$9.68 after it posted a bigger loss due to a large tax charge. North America's biggest telecom equipment maker, also said it will cut 2,100 jobs and move another 1,000 overseas.
Magna International MGa.TO slid C$1.49, or 1.9 percent, to C$78.51 after the autoparts maker said quarterly profit fell, hurt by charges and lower complete vehicle assembly sales.
The S&P/TSX composite index .GSPTSE closed down 18.63 points, or 0.14 percent, at 13,778.38 with all but two of its 10 main sectors in negative territory.
The Toronto benchmark has closed lower in just two out of the past eight sessions, and has climbed by about 7 percent in the last three weeks.
"When stocks move up quickly, they are vulnerable to be set back," said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.
"It still seems like there's an undercurrent of positive momentum here, so I would say the mentality is 'more buy on dips' rather than 'sell on strengths'." Continued...