December 7, 2009 / 4:30 PM / 9 years ago

CANADA STOCKS-TSX little changed as Potash gains, gold slides

 * Erases early 65-point skid
 * Potash Corp up 3.04 percent at C$127.75  (Adds details and comments)
 By Irene Kuan
 TORONTO, Dec 7 (Reuters) - Toronto’s main stock index traded little changed on Monday morning as shares of fertilizer makers, including Potash Corp POT.TO, rose after upgrades while gold miners followed bullion prices lower.
 Shares of Potash Corp, the world’s largest fertilizer maker, rose 3.04 percent to C$127.75 after a Goldman Sachs upgrade. Rival Agrium also rose 4.03 percent to C$63.44 after a UBS upgrade. [ID:nN07161495]
 “The whole sector is becoming more favorable amongst investors,” said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier, referring to fertilizer companies.
 “It was down in the dumps, the fertilizer stocks in particular in the last year, and I think it’s one sector that has moved recently, but still lags the overall market.”
 On the flip-side, Canada’s No. 1 gold miner Barrick Gold (ABX.TO) was the largest drag on the index, down 3.28 percent at C$43.62. Goldcorp (G.TO) was down 2.64 percent at C$43.48.
 Gold prices fell 2 percent in Europe on Monday on selling prompted by the U.S. dollar’s rise to a five-week high versus the euro following above-consensus jobs data in the United States last week. [GOL/]
 At 11:15 a.m. (1615 GMT), the S&P/TSX composite index .GSPTSE was down 3.87 points, or 0.03 percent, at 11,505.93. Earlier, it had fallen as much as 65 points.  (Reporting by Irene Kuan; editing by Jeffrey Hodgson)                                      

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