TSX ends flat as RIM, Potash rally

Wed Jan 5, 2011 5:16pm EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

By Solarina Ho

TORONTO (Reuters) - Toronto's main stock index closed little changed on Wednesday, recovering from earlier losses with the help of advances by Research In Motion and Potash Corp.

Five of the index's 10 main groups ended lower, but offsetting declines was a 1.1 percent rise among technology stocks, mostly powered by Research In Motion, which was up 4.54 percent at C$61.70.

Soft commodity prices helped keep the pressure on the resource-heavy index, which saw the materials group retreat 0.48 percent.

Barrick Gold fell another 3.39 percent to C$49.84 after Tuesday's 2.88 percent as gold prices extended their decline amid further profit-taking and a strong U.S. dollar.

Kinross Gold slipped 2.21 percent to C$17.74 while Goldcorp declined 1.26 percent to C$43.94.

The energy group pared earlier declines to finish down a modest 0.15 percent as oil prices bounced back above $90 a barrel on stronger than expected U.S. economic data.

The Toronto Stock Exchange's S&P/TSX composite index finished down 6.32 points, or 0.05 percent, at 13,395.99.

"It's awfully resilient, all things considered. We had a big run up to the end of the year and one would've thought we'd have a bigger selloff ... it's come back a fair bit," said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.

In individual company news, Potash shares climbed 3.53 percent to C$161.50. The fertilizer giant was bolstered by strong quarterly profit from fellow producer Mosaic Co.

(Reporting by Solarina Ho; editing by Rob Wilson)

 
<p>People walk by a Bay Street sign inside the financial district in Toronto October 10, 2008. REUTERS/Mark Blinch</p>