November 18, 2009 / 6:55 PM / 9 years ago

CANADA STOCKS-TSX flat after earlier hitting 13-month high

 * TSX down 8.91 points at 11,621.09
 * Energy and gold-mining shares turn around  (Recasts)
 TORONTO, Nov 18 (Reuters) - Toronto’s main stock index was little changed on Wednesday as investors opted to pocket gains recorded early in the session that had sent the resource-heavy index to a 13-month high alongside a rise in commodity prices.
 Energy and gold-mining stocks, which helped power the early rally, were among the key drags on the index as many investors ignored higher oil and gold prices.
 Barrick Gold (ABX.TO) shares, the main drag on the index, were down 2.8 percent at C$46.14, while Goldcorp (G.TO) dropped 1.6 percent to C$46.06.
 Among energy companies weighing on the index were Suncor Energy (SU.TO), down 0.5 percent at C$38.68, and Canadian Natural Resources (CNQ.TO), off 0.9 percent at C$71.69.
Shares of Research In Motion RIM.TO dropped 2.5 percent to C$62.91 after BMO Capital Markets downgraded the BlackBerry maker to “market perform” from “outperform,” citing concerns about its 2011 earnings. [ID:nBNG462185]
 At 1:35 p.m. (1835 GMT) the S&P/TSX composite index .GSPTSE was down 8.91 points, or 0.08 percent, at 11,621.09. Earlier, it rose 72 points to 11,702.24, which marked its highest level since October 2008.
 Fergal Smith, a managing market strategist at Action Economics said the TSX will struggle to sustain its penetration of the session high as long as the Standard & Poor’s 500 Index .SPX remained under pressure.
 U.S. stocks were under pressure given on unexpected fall in new U.S. home construction, which sparked worries about the strength of an economic recovery. [ID:nN1899353]
 ($1=$1.06 Canadian)  (Reporting by Frank Pingue)                                      

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