UPDATE 1-Toronto stocks dip as gold shares and RIM weigh

Mon Dec 31, 2007 11:35am EST
 
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(Adds details, analyst comments)

TORONTO Dec 31 (Reuters) - The Toronto Stock Exchange's main index dipped on Monday, the last trading day of the year, as falling gold shares were joined on the downside by tech heavyweight Research In Motion RIM.TO.

A strong rally in the previous session may have spurred investors to lock in profits.

Meanwhile, data showed slightly higher than expected sales of existing homes in the United States last month, which could partly offset Friday's news of a sharp drop in new home sales in Canada's biggest trading partner.

"Obviously we're going to have a slowdown in the U.S. economy ... and that's the key thing overhanging the (stock) markets," said Sal Masionis, stockbroker at Brant Securities.

"People are asking what that will do to commodities and oil."

The resource-heavy S&P/TSX composite index .GSPTSE drifted in and out of the red in early trading. It was down 20.66 points, or 0.15 percent, at 13,800.68 by late morning with six of its 10 main groups in negative territory.

Shares of BlackBerry maker RIM, led the fall, sagging C$1.63 to C$113.70.

Goldcorp (G.TO: Quote), Canada's second-biggest gold producer, dipped 36 Canadian cents to C$33.74 as U.S. spot bullion prices tumbled nearly $5 an ounce.   Continued...