CANADA STOCKS-TSX lower as RIM dives after cutting outlook

Fri Apr 29, 2011 11:19am EDT
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   * TSX off 25.75 points, or 0.19 percent, at 13,868.65
 * Three of the index's 10 main groups lower
 * RIM falls more than 13 percent, biggest decliner
 (Updates with details, comments)
 By Solarina Ho
 TORONTO, April 29 (Reuters) - Toronto's main stock index
was lower on Friday morning as a rise in commodity shares was
offset by a plunge in BlackBerry maker Research In Motion
 RIM shares tumbled 13.45 percent to C$46.49 after the
company slashed its outlook for the current quarter late on
Thursday. [ID:nL3E7FT284]
 RIM was the index's biggest decliner, accounting for about
0.2 percent of its fall, more than 10 percent more than the
second biggest decliner, Fairfax Financial FFH.TO, which was
down 5.39 percent at C$20.51 after posting a quarterly net
loss. [ID:nL3E7FS5XP]
 The index's tech sector, home to RIM, fell 2.33 percent,
while its hefty financial index was off 0.24 percent. Losses in
those sectors were tempered by gains in most other sectors.
 The energy and materials groups, which together make up
roughly 50 percent of the index's weight, were up 0.23 percent
and 0.09 percent respectively.
 "If you were to put RIM aside, you're seeing a better bid
to the energy complex, you're still seeing better leadership
within the metals and golds complex, you're still seeing some
rotation out of the financials that is moving into energy
again," said Sid Mokhtari, market technician and director of
institutional equity research at CIBC World Markets.
 "When we put it all together, we see that the positive
cycle of the commodities -- although it appears somewhat tired
in the near term -- structurally remains in good standing."
 At 10:47 a.m. (1447 GMT), the Toronto Stock Exchange's
S&P/TSX composite index .GSPTSE was down 25.75 points, or
0.19 percent, at 13,868.65. Three of the index's 10 main
sectors were lower.
 In the energy group, Encana Corp ECA.TO rose 0.48 percent
to C$31.57 and Canadian Natural Resources CNQ.TO climbed 1.04
percent to C$43.91.
 Oil prices remained near 41-month highs, driven mostly by a
weak U.S. currency and continued unrest in North Africa and the
Middle East. [O/R]
 Gold miners were up a modest 0.09 percent, which helped
keep the materials group in positive territory. Bullion prices
held steady, just shy of record highs, bolstered mostly by the
retreat in the U.S. dollar. [GOL/]
 Gold miner Agnico Eagle AEM.TO rose 1.56 percent to
 ($1=$0.95 Canadian)
 (Editing by Peter Galloway)