TSX ends lower on profit-taking, RIM retreat

Mon Nov 2, 2009 5:10pm EST
 
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By Wojtek Dabrowski

TORONTO (Reuters) - Toronto's main stock index finished lower on Monday, hurt by profit-taking and a selloff in shares of BlackBerry maker Research In Motion following an analyst downgrade.

RIM was the day's second biggest net loser after Citi Investment Research analyst Jim Suva cut the company's rating to "sell" from "buy," citing competitive threats.

RIM shares fell C$3.67, or 5.75 percent, to end at C$60.15.

Of the benchmark's 10 main groups, five moved lower. Among them, energy fell 0.94 percent despite higher oil prices that moved past $78 a barrel.

The resource-laden materials group eked out a 0.2 percent gain. Financials edged 0.45 percent higher.

"This is indicative of a market that has run ahead of itself and, given the recent renewed pessimism in terms of economic prospects, investors are using this as an excuse to take money off the table," said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.

"I would think profit-taking is playing a huge role."

Among energy issues, Canadian Natural Resources ended down 2.5 percent at C$68.48, while Imperial Oil was also off 2.5 percent at C$39.67.   Continued...

 
<p>A Toronto Stock Exchange (TSX) logo is seen in Toronto November 9, 2007. REUTERS/Mark Blinch</p>