CANADA STOCKS-TSX down 1 pct in broad selloff, BlackBerry surges

Wed Mar 13, 2013 4:39pm EDT
 
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* TSX ends down 134.47 points, or 1.04 percent, at 12,744.11
    * Miners, energy, bank shares lead decline
    * BlackBerry surges late after announcing big order

    By Alastair Sharp
    TORONTO, March 13 (Reuters) - Canada's main stock index fell
sharply on Wednesday, coming off the 19-month high it reached a
day earlier, as investors fled heavyweight energy, bank and
mining stocks, while BlackBerry helped offset the losses
after announcing a big order.
    In a distinct break from the performance of U.S. stock
markets, the resources-rich Canadian index posted a broad
decline as commodity prices slipped and some of the country's
big banks weighed heavily.
    Power Financial Corp fell 3.2 percent to C$26.53 
after the family-controlled holding company's profit fell on
disappointing results at its mutual fund and insurance units.
 
    "There is some disappointment about Power's numbers, which
were not especially inspiring," said Gavin Graham, president at
Graham Investment Strategy. "But it's very largely the golds and
the materials."
    The index's materials sector, which includes gold miners,
has retreated some 15 percent this year, and its members were
again among the heaviest weights on Wednesday. Among them,
Goldcorp Inc fell 2.5 percent to C$33.12 and Teck
Resources Ltd lost 2 percent to C$30.98.
    The Toronto Stock Exchange's S&P/TSX composite index
 ended down 134.47 points, or 1.04 percent, at
12,744.11. That was its sharpest one-day move in either
direction since November.
    The selloff followed a steady rise since a mid-November
trough, though the TSX has underperformed U.S. indexes over the
period. The S&P 500, Nasdaq and Dow all
eked out minor gains on Wednesday. 
    "We've come a long way. The stock market can't go up every
single day," said Craig Fehr, Canadian market strategist at
Edward Jones in St. Louis, Missouri. 
    "It's reasonable for investors to start to expect a little
more volatility or potentially even a pullback in the near
term," he said.
    By far the biggest positive mover was BlackBerry,
which surged late in the day to end up 8.2 percent at C$16.04
after the smartphone maker said a partner had ordered 1 million
BlackBerry 10 devices. 
    Royal Bank of Canada was the single biggest weight,
down 1.7 percent at C$61.45. Bank of Nova Scotia fell 1
percent to C$60.07, and Toronto-Dominion Bank was 0.8
percent lower at C$84.23.