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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.
The day's winners included fertilizer maker Agrium Inc, which advanced 2.3 percent to C$51.50. Gold miner Agnico-Eagle Mines rose 1.9 percent to finish at C$58.70.
In financials, Bank of Nova Scotia picked up 2.1 percent to close at C$46.22. Toronto-Dominion Bank rose 1.7 percent to end at C$62.75.
Insurer Fairfax Financial was the top net loser, shedding C$6.57, or 1.7 percent, to close at C$380.50.
The S&P/TSX composite index fell 32.40 points, or 0.3 percent, to close at 10,878.35.
The S&P/TSX 60 index of bluechip stocks dropped 0.25 percent to finish at 646.09.
Kate Warne, Canadian market strategist at Edward Jones in St. Louis, Missouri, said that profit-taking -- as well as economic uncertainty -- played a role in Monday's session.
"I think investors are over-reacting to every little bit of data because nobody's quite sure whether we'll see the rally continue or whether this is the beginning of a bigger pullback," she said.
Reporting by Wojtek Dabrowski; editing by Rob Wilson