January 28, 2013 / 4:19 PM / 6 years ago

CANADA STOCKS-TSX little changed as RIM, resources drag

* TSX up 3.82 points, or 0.03 percent, at 12,820.45
    * Six of the 10 main sectors higher
    * RIM shares off 2.6 pct ahead of BlackBerry 10 launch

    By Solarina Ho
    TORONTO, Jan 28 (Reuters) - Canada's main stock index pared
early gains to trade little changed at midmorning on Monday, as
firmer bank stocks were offset by weaker Research In Motion Ltd
 shares and falling natural resource stocks.
    Investors were positioning ahead of the RIM's critical 
launch of its new BlackBerry 10 platform this week. RIM shares,
which have climbed about 50 percent this year at Friday's close,
were down 2.6 percent to C$17.16. The overall technology group
was down 1.22 percent.
    Recent overall market sentiment has been positive following
a string of encouraging economic data. The hefty financial group
was up 0.39 percent, lead by Royal Bank of Canada, which
climbed 0.76 percent to C$62.57. Four of the five most
influential gainers in the index were top Canadian banks.
    "Earnings are doing fine. Valuations are still reasonable.
Europe seems to be contained ... it's tough to see a major
change in terms of investor sentiment," said Ian Nakamoto,
director of research at MacDougall, MacDougall & MacTier, but
said cautious investors were also booking some profits.
    "There's still a lot of cash on the sidelines. Any sort of
pullback is going to met with buying, but cautious buying."
    At midmorning, the Toronto Stock Exchange's S&P/TSX
composite index was up a modest 3.82 points, or 0.03
percent, at 12,820.45. Six of the index's 10 main groups
    Also weighing on gains was a 0.4 percent fall in materials,
led by mining firms. Kinross Gold Corp was off 2 percent
to C$8.41, tracking gold prices, which were holding near
two-week lows ahead of the U.S. Federal Reserve meeting on
Tuesday on Wednesday on its monetary policy.
    Energy stocks were off 0.2 percent, despite firmer oil
prices. Encana Corp was down 1.4 percent to C$19.44.
    "There's a land lock with an oil supply surplus in Canada,
until we can get the transportation to the refiners. Even though
the headlines may look good in terms of what's going on with
world oil prices, Canadian prices are quite poor," said
     Fast-growing output from vast oil sands in Alberta and
limited pipeline capacity to move it to markets in the United
States have weighed on the price of its crude.
     In corporate news, Nordion Inc, a major provider
of medical isotopes, said on Monday it has hired advisers to
examine options for its future. The news sent shares up 12
percent to C$7.20.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below