December 16, 2010 / 10:22 PM / 8 years ago

CANADA STOCKS-TSX slides for third straight session

 * TSX falls 0.36 percent to 13,181.23
 * Resources main drag
 * RIM reports 45 pct jump in profit, after-market shrs up  (Updates to close)
 TORONTO, Dec 16 (Reuters) - Toronto’s main stock index finished lower for a third straight session on Thursday, dragged down by weaker commodity prices, which weighed on gold-mining and energy shares.
 Key decliners included Agnico-Eagle (AEM.TO), down 5.73 percent at C$76.16, while Barrick Gold (ABX.TO) fell 1.48 percent to C$51.97. Suncor Energy (SU.TO) lost 1.19 percent to C$36.48, and Nexen NXY.TO dropped 2.27 percent to C$21.53.
 U.S. crude oil futures prices settled lower on Thursday due to concerns about the euro zone economy and amid signs of year-end position squaring, while gold prices slid on profit-taking. [GOL/][O/R]
 Six of the Toronto index’s 10 main groups were lower, led down by a 1.13 percent drop in the materials group. The energy group fell 0.39 percent.
 The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed down 47.84 points, or 0.36 percent, at 13,181.23, but recovered from its lowest level in more than two weeks, hit earlier in the session.
 “We’re seeing a little bit of continuation of weakness from yesterday. It looks like there’s some (credit) tightening concerns out of Asia...That’s creating a little bit of pressure on a lot of commodity names. We’re also seeing a little bit of profit-taking into the year-end,” said Youssef Zohny, associate portfolio manager at Van Arbor Asset Management.
 After the market close, BlackBerry-maker Research In Motion RIM.TO reported a 45 percent jump in net profit, boosted by strong sales of its flagship Torch smartphone. Its shares rose 2.5 percent to $60.75 in after-hours trade. [ID:nN16269441]
 “A lot of investors came into RIM earnings a little bit cautious. They’ve been disappointing over the last couple of years, but it seems like they beat on the top line and the bottom line,” Zohny said.
 Baffinland Iron Mines BIM.TO was the most heavily traded stock, rising 3.2 percent to C$1.28. Nunavut Iron, backed by private equity, raised its hostile takeover bid for Baffinland by 69 percent, topping an offer from the world’s No. 1 steelmaker, ArcelorMittal, as the two companies compete for an iron ore deposit that is said to be big enough to supply all of Europe. [ID:nN16206372]
 ($1=$1.01 Canadian)  (Reporting by Solarina Ho and Ka Yan Ng; editing by Peter Galloway)                                        

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