February 11, 2013 / 9:54 PM / 6 years ago

CANADA STOCKS-TSX slips as golds, BlackBerry, Cameco drag

* TSX down 53.08 points, or 0.41 percent, at 12,748.15
    * Weaker resource shares offset firmer financials
    * BlackBerry slips 4.5 pct after Home Depot chooses iPhone
    * Cameco Corp down more than 3 percent after results

    By Alastair Sharp
    TORONTO, Feb 11 (Reuters) - Canada's main stock index fell
on Monday, dragged down by weaker gold mining shares and a sharp
fall in BlackBerry , which lost another major
U.S. corporate customer to rival Apple.
    Cameco Corp, the world's biggest publicly traded
uranium producer, also slipped after reporting a sharply lower
quarterly profit and pointing to weaker earnings ahead.
    Gold miners were among the heaviest laggards on the index as
commodity prices fell. Gold extended earlier losses to one-month
lows after recent technical support broke down. 
    The gold mining group, down 2.2 percent in the session, has
also been hurt by rising production costs and limited
    "There's too many companies out there digging holes and not
coming up with anything encouraging, and then costs meanwhile
keep picking up," said Levente Mady, a senior portfolio manager
at PI Financial Corp.
    Mady added that he prefers government bonds to Canadian
equities because he thinks valuations are too high at current
    Goldcorp was the most influential decliner, down 2.4
percent to C$35.36, while Yamana Gold Inc fell 4.9
percent to C$15.77. Barrick Gold lost 1.5 percent to
    The Toronto Stock Exchange's S&P/TSX composite index
 ended the day down 53.08 points, or 0.41 percent, at
12,748.15. Seven of the 10 main sectors were in negative
territory, including energy shares, down 0.5 percent.
    Shares of BlackBerry fell 4.5 percent to C$15.76 after U.S.
home improvement retailer Home Depot Inc said it is
replacing the BlackBerry smartphones it provides its executives
and managers with Apple Inc's iPhone. 
    Cameco knocked off 3 percent to C$21.05 after the company
announced it took a C$168 million ($168 million) write-down on
an Australian exploration project, and said the current quarter
would likely produce weaker earnings as well. 
    "We used to own Cameco ... my problem with Cameco is that I
think the future of nuclear energy has been very much cast in
doubt by fracking and tight oil," said David Baskin, president
of Baskin Financial in Toronto.
    "Because there's so much petroleum-based energy available
now than people thought say five years ago, and because of what
happened in Fukushima in Japan, I think that the whole future of
nuclear energy is very much up in the air."
    Slightly stronger financial and industrial shares helped to
offset the broad declines.
    Manulife Financial Corp, a major insurer, was the
top gainer, rising 3 percent to C$15.28.
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