UPDATE 3-Toronto stocks end 2007 with 7 pct gain on year

Mon Dec 31, 2007 5:05pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Adds comments, details)

By Wojtek Dabrowski

TORONTO Dec 31 (Reuters) - The Toronto Stock Exchange's main index ended 2007 on a flat note on Monday, as buyers managed to keep the benchmark out of the red in a broad but insignificant move upward.

The S&P/TSX composite index .GSPTSE added 11.72 points, or 0.08 percent, to close at 13,833.06. On the final trading day of last year, it closed at 12,908.39, gaining 14.5 percent for 2006.

Monday's year-end session gave the energy- and resource-skewed TSX composite a gain of 7.2 percent for 2007, though some commentators warned investors to exercise caution in celebrating too strongly.

"We could see this bull market sort of come to a halt," said Elvis Picardo, investment strategist at Northern Securities Inc in Vancouver. "After five straight years of gains, we could see the TSX down ... marginally next year."

On Monday, seven of the 10 main groups moved higher, but by relatively small amounts. The energy sector added 0.03 percent, while financials gained 0.26 percent. The resource-heavy materials group inched 0.05 percent lower.

The session's net gainers included Cogeco Cable (CCA.TO: Quote), which rose C$1.42, or 3.1 percent, to close at C$47.81. Heritage Oil HOC.TO added C$1.23, or 2.4 percent to end at C$52.48.

BlackBerry maker Research In Motion RIM.TO finished the year lower, sinking C$2.24, or 2 percent, to C$112.56. Regardless, the stock has more than doubled this year.   Continued...