June 25, 2010 / 2:37 PM / 9 years ago

CANADA STOCKS-TSX flat as strong resources offset RIM

*TSX up 2.2 points at 11,672.35

*RIM down 7.6 pct after quarterly results (Adds details, quote)

By Jennifer Kwan

TORONTO, June 25 (Reuters) - Toronto’s main stock index was little changed on Friday morning as strength in resources was offset by Research In Motion RIM.TO, which skidded after its quarterly results reignited worries about its declining North American market share.

Research In Motion RIM.TO reported subscriber and shipment figures on Thursday that disappointed investors and rekindled fears that the BlackBerry maker is losing market share to Apple Inc (AAPL.O) and other rivals. [ID:nN21262767] RIM shares skidded 7.6 percent to C$56.46, pulling the TSX index’s information technology sector 1.3 percent lower.

“The big issue right now is that they’re not gaining market share. They’re actually losing market share in the smartphone market,” said Julie Brough, vice president at Morgan Meighen & Associates.

At 10:08 a.m. (1408 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 2.2 points at 11,672.35, with half of its 10 main groups lower.

Heavyweight stocks falling included Royal Bank of Canada (RY.TO), the country’s biggest lender, down 0.5 percent at C$52.86, Toronto-Dominion Bank (TD.TO), which declined 0.2 percent to C$71.45, and Bank of Nova Scotia (BNS.TO), which was down 0.5 percent at C$50.14.

“The banks have performed extremely well over the last year. I think investors in general are a little nervous right now. I think people are taking profits here and there,” Brough said.

The move lower came as U.S. bank stocks rose as uncertainty over financial regulation eased. U.S. lawmakers finalized a historic overhaul of financial regulations as dawn broke over Capitol Hill on Friday, handing President Barack Obama a major domestic victory on the eve of a global summit devoted to financial reform.[.N] [ID:nFINREG]

Auto parts maker Magna International Inc MGa.TO said on Friday it will provide shareholders with more information on a plan to pay its founder nearly $900 million to give up his controlling shares, and will postpone a vote on the matter. Magna shares fell 0.3 percent to C$72.77. [ID:nN25106640]

On the upside were energy and materials shares, up 0.3 percent and 1.1 percent respectively, rising on higher oil and gold prices. [O/R] [GOL/]

Downtown Toronto, Canada’s financial center, was largely shuttered on Friday due to tight security measures in preparation for a summit of the Group of 20 rich and developing nations on the weekend. [ID:nN18322198]

“I think today is going to be a quiet day in Toronto. You walk around downtown and it’s abandoned,” Brough said.

$1=$1.04 Canadian Reporting by Jennifer Kwan; editing by Peter Galloway

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