November 10, 2010 / 4:07 PM / 8 years ago

CANADA STOCKS-TSX slides to lowest level in nearly a week

* TSX pares losses, down 0.6 percent at 12,836.49

* Materials group gives up gains, joins broad decline

* RIM among few blue-chips on the rise (Adds details)

TORONTO, Nov 10 (Reuters) - Toronto’s main stock index slid on Wednesday morning as the materials group gave up early gains, pushing the composite to its lowest level in nearly a week.

The TSX opened flat on broad weakness with the pressure alleviated by strength in the materials group, but that heavyweight sector soon lost nearly 1 percent itself as the price of gold turned lower and spot silver fell to a session low.

Teck Resources TCKb.TO fell 1.1 percent to C$47.90, while Kinross Gold (K.TO) dropped 1.2 percent to C$18.40.

Slower than expected import data from China, concerns about the U.S. Federal Reserve’s asset purchases and European debt levels, and the upcoming Group of 20 summit in Seoul were some of the factors behind the drop in Toronto stocks.

“We’re seeing the confluence of a lot of events here,” said Michael Sprung, president of Sprung & Co Investment Counsel, adding that it was also natural for investors to lock in some profits after the recent rally.

“The loss is picking up quickly.”

At 10:45 a.m. (1545 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was down 80.14 points, or 0.6 percent, at 12,836.49, rebounding from its 1 percent drop earlier.

Nine of the TSX’s 10 main sectors were lower. The reverse by materials combined with big drops in the heavily weighted energy and financials sectors, dragged the index to its lowest point since Nov. 4.

In financials, Royal Bank of Canada (RY.TO) fell 0.74 percent to C$54, while Toronto-Dominion Bank (TD.TO) lost 0.6 percent to C$73.21. In oil and gas, Suncor Energy (SU.TO) slid 0.7 percent to C$35.72 while Husky Energy (HSE.TO) dropped 0.77 percent to C$25.87.

Shares of miner Quadra FNX QUX.TO fell 4.5 percent to C$90.93 after its quarterly profit fell short of expectations, partly due to higher operating costs. [ID:nSGE6A90JY]

Research In Motion RIM.TO was among a handful of blue-chip stocks to advance on Wednesday as the BlackBerry maker, a late entrant in the booming tablet market, will take on Apple’s iPad with competitive pricing of its PlayBook.

It also said it expects sales of its smartphones to reach 100 million units in two years. RIM shares gained 2.13 percent to C$56.64. [ID:nSGE6A90BS]

$1=$1.00 Canadian Reporting by Ka Yan Ng; editing by Rob Wilson

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below