January 28, 2013 / 9:59 PM / 6 years ago

CANADA STOCKS-TSX closes little changed; RIM, resources drag

* TSX down 0.72 of a point, to end at 12,815.91
    * Five of the 10 main sectors higher
    * RIM shares off 7.6 pct ahead of BlackBerry 10 launch

    By Solarina Ho
    TORONTO, Jan 28 (Reuters) - Canada's main stock index
finished little changed on Monday, as gains in the financial
group were offset by declines in natural resource stocks and
shares of Research In Motion Ltd,.
    RIM's critical launch of its new BlackBerry 10 platform will
take place this week. The stock was down 7.6 percent to C$16.27,
after closing on Friday with a gain of about 50 percent for this
year. The overall technology group was down 2.7 percent.
    But financial stocks gained, as market sentiment has risen
lately following a string of encouraging economic data. The
financial group, which accounts for about a third of the index,
was up 0.5 percent. 
    Royal Bank of Canada climbed 0.8 percent to C$62.61.
Bank of Nova Scotia rose 0.8 percent to C$58.95. Five
of the top 10 most influential gainers in the index were top
Canadian banks.
    "You're seeing a little bit of a rotation perhaps to more
economic sensitive areas of the market, just based on some of
the economic optimism over the last few weeks," said Youssef
Zohny, portfolio manager at Stenner Investment Partners of
Richardson GMP in Vancouver.
    "We're seeing a pretty sharp rally over the last few weeks.
I think the market's either taking a breather or potentially
setting up for a mild correction." 
    The Toronto Stock Exchange's S&P/TSX composite index
 finished 0.72 of a point lower, to end at 12,815.91.
Advancers and decliners were evenly split among the index's 10
main groups.
    "There's still a lot of cash on the sidelines. Any sort of
pullback is going to met with buying, but cautious buying," said
Ian Nakamoto, director of research at MacDougall, MacDougall &
    Also keeping the TSX in check was the materials sector,
which was down nearly 0.9 percent. Potash Corp led the
slump, down 1.3 percent at C$43.37. The fertilizer maker had
climbed 6.8 percent in the previous five sessions.
    Barrick Gold Corp was off 0.8 percent to C$32.76,
while Kinross Gold Corp fell 2.6 percent to C$8.36.
    Gold miners tracked softer gold prices, which were holding
near two-week lows ahead of the U.S. Federal Reserv's policy
meeting on Tuesday on Wednesday. 
    Energy stocks were mixed. The overall group was off just shy
of 0.1 percent, despite firmer oil prices. 
    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 shares rose as much as 15
percent, before settling up 7.3 percent, at C$6.90.
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