March 7, 2012 / 3:42 PM / 7 years ago

CANADA STOCKS-TSX falls as economic worries linger

* TSX down 50.47 points at 12,248.16

* Six of index’s main sectors down

* Wi-Lan rises 8.6 pct after dividend hike

TORONTO, March 7 (Reuters) - Canada’s main stock index was lower on Wednesday morning, a day after suffering its worst selloff this year, as fears of slower global economic growth continued to weigh on resource and bank shares.

Among big-name decliners were Royal Bank of Canada, down 0.7 percent at C$55.74, and oil company Canadian Natural Resources, which fell 1.1 percent to C$34.88. Miner Goldcorp fell 0.8 percent to C$46.54, and Toronto-Dominion Bank sank 0.7 percent to C$80.03.

The index’s energy, materials and financials sectors were weaker, while industrials, consumer staples and information technology shares firmed.

Fears of recession in Europe and the lowest annual growth outlook in China in eight years have been hitting the Toronto market for the past three sessions.

John Kinsey, portfolio manager at Caldwell Securities Ltd, said those concerns continued to weigh on the market on Wednesday as it reconsidered its position after climbing steadily over recent months.

“I think the market maybe got a little ahead of itself and needed a little bit of rest,” Kinsey said. “The last few days, certainly in Toronto, gave it that. Whether it’s over or not, I don’t know. We’ll have to wait and see.”

The resource-heavy index has risen about 11 percent since the middle of December.

Around 10:00 a.m. (1500 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 50.47 points, or 0.41 percent, at 12,248.16. It had opened up 4.63 points at 12,303.26.

European shares stabilized somewhat on Wednesday after two days of losses and the euro recovered from a three-week low as markets awaited the outcome of a Greek debt restructuring deal this week.

U.S. stocks edged higher, a day after Wall Street suffered its worst selloff in three months and as a report showed the private sector added more jobs than expected in February.

Research In Motion’s shares shed 0.4 percent to C$13.10 after BMO Capital Markets said RIM’s revenue and margins will continue to disappoint in the coming quarters due to a lack of clarity on the launch and impact of its latest version of BlackBerry.

Wi-Lan Inc bucked the broader market trend and was up 8.6 percent at C$5.32. The company hiked its quarterly dividend and said it would buy back shares this year, even as the Canadian patent licensing firm forecast lower first-quarter revenue.

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