January 9, 2008 / 4:17 PM / 11 years ago

UPDATE 1-Toronto stocks little changed in volatile action

(Updates with details, analyst view)

TORONTO, Jan 9 (Reuters) - The Toronto Stock Exchange’s main index see-sawed through Wednesday morning as falls in telecom shares and Research In Motion RIM.TO offset rising gold-mining and financial stocks.

The S&P/TSX composite index .GSPTSE was down 10.06 points, or 0.1 percent, at 13,531.69 at midmorning. It fell more than 65 points after the opening bell and was later up by nearly 30 points.

The TSX telecom sector, including Rogers Communications (RCIb.TO) and Telus Corp (T.TO), was down 0.8 percent after dropping the previous five sessions.

Rogers was off 73 Canadian cents at C$41.22, while Telus was down 25 Canadian cents to C$46.83.

The volatile shares of Research In Motion, the BlackBerry maker, added to the fall, tumbling C$1.69 to C$95.41.

On the upside, the TSX gold-mining subsector gained another 0.6 percent after soaring 23.6 percent in the previous 10 sessions.

Recently depressed financial stocks, including Toronto-Dominion (TD.TO) and Bank of Nova Scotia (BNS.TO), bounced back as investors hunted down bargains in the sector. The financial sector was up 0.3 percent.

“There are tremendous cross-currents,” said Sal Masionis, stockbroker at Brant Securities. “People are confused about where to hide because there are new bomb shells going off all over the place.”

Earlier in the day, Goldman Sachs said the U.S. economy will likely slip into a recession this year. For details, see: [nN09569352]

Renewed worry over the economic health of the United States, Canada’s biggest trading partner, helped knock 0.6 percent off the Toronto index on Tuesday, and U.S. weakness could bode ill for the profits of many Canadian companies.

Six of the index’s 10 main sectors were in the red, including drops of 0.6 percent in industrials, and 0.7 in consumer discretionary.

Corus Entertainment Inc (CJRb.TO), which reported a 7-percent rise in quarterly profit before the bell, fell 82 Canadian cents to C$44.48. ($1=$1.00 Canadian) (Reporting by Jonathan Spicer; Editing by Peter Galloway)

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