January 16, 2013 / 4:33 PM / 6 years ago

CANADA STOCKS-TSX led lower by miners as global growth worries resurface

* TSX falls 35.87 points, or 0.28 percent, to 12,606.10
    * Nine of 10 main sectors decline
    * RIM shares rise 5 percent after Visa deal

    By John Tilak
    TORONTO, Jan 16 (Reuters) - Canada's main stock index
slipped on Wednesday, led by miners and other shares in the
materials sector, as gloomy economic commentary from the World
Bank and weak industrial data from Europe renewed investor
concerns about global growth.
    The index eased from a 10-1/2 month high it hit on Tuesday,
when the materials sector outperformed the market. The group on
Wednesday played the biggest role in leading the market lower.
    "The market has been on a nice tear. We need to get
confirmation from CEOs and earnings that we have turned the
corner," said Barry Schwartz, vice president and portfolio
manager at Baskin Financial Services.
    Several of the country's major companies, including Canadian
National Railway Co, will be reporting quarterly
earnings next week.
    For now, investors turned their attention to macroeconomic
concerns after the World Bank said a slow economic recovery in
developed nations was holding back the global economy as it
sharply cut its outlook for world growth in 2013.
    Meanwhile, demand for new cars in recession-bound Europe
fell to a 17-year low in 2012, highlighting the crisis for
automakers on the continent. 
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 35.87 points, or 0.28 percent, at 12,606.10.
    Nine of the 10 main sectors on the index were in the red.
The information technology sector, the lone group in positive
territory, was up 1.1 percent because of a 5 percent jump in
Research In Motion Ltd.
    RIM shares rose to C$14.96 after it said it received an
approval from Visa Inc for a mobile payment solution.
    Magna International Inc gained 0.2 percent to
C$51.26 after the Canadian auto parts manufacturer said it
expects sales to edge higher this year, citing strong growth in
fast-growing markets such as China and Brazil. 
    The materials sector, which includes mining stocks, slipped
0.6 percent. Fertilizer giant Potash Corp lost 1.2
percent to C$41.10, and miner Barrick Gold Corp fell
0.8 percent to C$33.77.
    The financial sector, the index's largest, gave back 0.2
percent, and energy stocks dropped 0.3 percent despite a rise in
oil prices.
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