January 27, 2010 / 9:37 PM / 9 years ago

CANADA STOCKS-Resources hold TSX lower despite bank, RIM rally

* TSX ends down 0.15 percent at 11,344.11

* Miners lead slide; golds, oils also lower

* RIM, banks, make late session surge

* U.S. Fed keeps rates steady, tone brighter (Adds details, comments)

By Ka Yan Ng

TORONTO, Jan 27 (Reuters) - Toronto’s main stock index finished lower on weak resources on Wednesday, staving off a late-session rally by Research In Motion RIM.TO and financial shares.

Concerns about the global economic recovery and demand for key commodities weighed on the resource-laden index, dragging down a host of blue-chip oil and gold producers.

Teck Resources TCKb.TO led the slide, falling 4.26 percent to C$37.05, followed by Suncor Energy Inc (SU.TO), down 0.91 percent at C$34.71.

Gold and oil prices were lower as the U.S. dollar hit a six-month high against the euro on concerns over Greece’s fiscal problems and lingering concern about China’s recent credit-tightening steps. [GOL/][O/R].

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE ended down 17.08 points, or 0.15 percent, at 11,344.11. Half of the index’s 10 main groups were lower, led by a 1.59 percent drop in the materials sector.

“A lot of it has to do with what’s going on in China, the perception of the tightening there. Until those jitters go away, it’ll probably be under pressure for awhile,” said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier.

On the upside, all five of the country’s biggest banks were among the top influential advancers, adding to gains after the U.S. Federal Reserve voiced a cautious note of optimism on the U.S. economy. The U.S. central bank stuck to its pledge to keep interest rates near zero for a while to ensure a sustainable recovery. [nFEDAHEAD]

RIM topped heavyweight gainers with a 3.92 percent rise to C$68.18. (Editing by Jeffrey Hodgson)

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