TSX ends lower despite RIM jump

Fri Dec 18, 2009 5:19pm EST
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By Cameron French

TORONTO (Reuters) - Toronto's main stock index ended slightly lower in a volatile session on Friday as a drop in energy and materials shares offset a huge jump in heavyweight tech stock Research In Motion.

RIM rose 10.3 percent to C$73.96 after reporting a better than expected quarterly profit and outlook late on Thursday.

The stock pushed the TSX information technology sector up by 2.3 percent. Altogether, five of the 10 TSX index subgroups ended the session higher.

"RIM's really been the standout performer," said Elvis Picardo, strategist at Global Securities in Vancouver.

Materials stocks weakened 0.78 percent, hit by an early slide in copper prices and company-specific news. Gold miners, however, put in a strong performance, helped by Eldorado Gold, which rose 4 percent to C$14.33.

Weighing on the sector was fertilizer producer Potash Corp, which dropped 6 percent to C$112.00 after an analyst downgrade, and base-metals miner HudBay Minerals, which sank 8.8 percent to C$12.83 after it revealed disappointing drill results at a deposit in Manitoba.

All told, the S&P/TSX composite index retreated 9.66 points, or 0.08 percent, to 11,463.40.

The index initially appeared to close higher, but then adjusted lower as final trades were calculated.   Continued...

<p>People walk by a sign displaying TSX information in Toronto September 19, 2008. REUTERS/Mark Blinch</p>