TSX eases as Greek vote looms, RIM drops
By Cameron French
TORONTO (Reuters) - Canada's main stock index fell broadly on Thursday as investors took a cautious approach ahead of Sunday's Greek election, and sold tech shares after Research In Motion's RIM.TO latest board shuffle.
U.S. stocks jumped after news major central banks are preparing coordinated action if the results of the Greek election generate turmoil in financial markets, but the Toronto market hedged its bets ahead of the vote, which could decide the country's fate in the euro zone
Hopes that the U.S. Federal Reserve could signal more easy money when it releases a policy statement next week also prompted U.S. stocks to rise, but the Canadian market failed to keep pace.
"I'm not sure that Toronto is breathing the same air as the rest of the globe today," said Barry Schwartz, portfolio manager at Baskin Financial Services.
Adding to Canadian market nervousness, the Bank of Canada said the country's financial system remains highly vulnerable to a further deepening of the European debt crisis.
Eight of the 10 subgroups of the Toronto benchmark fell, with the info tech sector leading the way with a 1.7 percent decline, courtesy of Research In Motion's RIM.TO 3.5 percent slide.
The BlackBerry maker fell 39 Canadian cents to C$10.61 after announcing a minor board shuffle as part of its effort to reverse its tumbling market share.
"There seems to be disappointment at the limited change it made to its board," said Fergal Smith, managing market strategist at Action Economics in Toronto. Continued...