CANADA STOCKS-TSX drops on lower oil prices, BlackBerry doubts

Thu Apr 11, 2013 11:31am EDT
 
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* TSX falls 46.82 points, or 0.37 percent, to 12,488.09
    * Seven of 10 main sectors decline
    * BlackBerry loses 5.5 percent

    By John Tilak
    TORONTO, April 11 (Reuters) - Canada's main stock index
pulled back on Thursday after three positive sessions as a drop
in oil prices on demand concerns pulled energy shares lower,
offsetting positive economic data from the United States and
China.
    The Canadian market was further weakened by declines in
financial shares and by a drop in BlackBerry stock as
some analysts continued to express doubts about the success of
the smartphone maker's turnaround plan. 
    Oil prices fell to around an eight-month low after analysts
cut their global demand outlook for the commodity. The weakness
overshadowed a sharp fall in U.S. jobless claims and positive
data from the Chinese banking sector. 
    "It is all short-term maneuvering of prices for commodities,
and that's the way it's going to be for a while," said Fred
Ketchen, director of equity trading at ScotiaMcLeod. "Whether it
be energy, nickel or copper, they're all fidgeting around, not
knowing where they want to settle."
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 46.82 points, or 0.37 percent, at 12,488.09.
Seven of the 10 main sectors on the index were in the red.
    The index eased from three straight sessions of gains, which
followed a five-day losing streak last week. 
    "After a couple of days of some reasonable gains of the
Canadian market, it's time to maybe make some adjustment, and
people are probably taking some short-term profits," Ketchen
said, adding that long-term investors should buy the dips and be
patient.
     Shares of energy companies fell 0.5 percent. Suncor Energy
Inc was down 0.7 percent at C$29.92. 
    Financials, the index's weightiest sector, declined 0.3
percent, with Bank of Nova Scotia losing 0.8 percent to
C$57.95.
    The materials sector, which includes mining stocks, gave
back 0.3 percent.
    Shares of BlackBerry fell 5.5 percent to C$14.11.  
    "We continue to believe that recent optimism surrounding the
ability of the new BlackBerry 10 products to get BlackBerry back
to long-term profitability will ultimately prove unwarranted,"
Pacific Crest analyst James Faucette wrote in a research note. 
    ($1=$1.01 Canadian)

 (With additional reporting by Euan Rocha; Editing by Peter
Galloway)