March 27, 2008 / 3:26 PM / 11 years ago

UPDATE 1-Toronto stocks little changed, resources dip

(Updates stock movement, adds details, quotes)

TORONTO, March 27 (Reuters) - The Toronto Stock Exchange’s main index was little changed on Thursday morning, tilting downward as resources dipped and investors took a breather after a strong four-day advance.

The S&P/TSX composite index .GSPTSE was down 7.50 points, or 0.1 percent, at 13,384.36 in the morning. Six of its 10 main sectors were lower.

The materials sector, home to resource shares, slid 0.6 percent, while its gold producers subindex sagged 1.6 percent. Yamana Gold (YRI.TO) was down C$1.12, or 6.7 percent, at C$15.52, and Goldcorp (G.TO) was off 34 Canadian cents, or 0.8 percent, at C$40.95 as gold prices weakened.

BlackBerry-maker Research In Motion RIM.TO also weighed on the benchmark, sliding C$4.30, or 3.6 percent, to C$115.85, while the tech sector was off 0.3 percent. Technology shares were hurt by negative sentiment after Oracle Corp’s ORCL.O quarterly revenue fell short of expectations.

The Toronto index advanced more than 5 percent over the past four days.

“People may be backing off, the market’s had a nice little run the last few days,” said Irwin Michael, portfolio manager at ABC Funds. “Not to say it’s going to go down from here, but the volatility will probably continue.”

On the upside, the heavyweight financial sector edged up 0.6 percent, with Bank of Montreal (BMO.TO) up 46 Canadian cents, or 1 percent, at C$45.46, while Canadian Imperial Bank of Commerce (CM.TO) was off 24 Canadian cents, or 0.4 percent, to C$65.96.

Teck Cominco TCKb.TO rose 82 Canadian cents, or 2 percent, to C$42.72, while the mining subindex gained 1.7 percent, bucking the downward direction of its larger materials sector.

BCE Inc (BCE.TO) rallied 37 Canadian cents, or 1 percent, to C$36.09 after U.S. radio operator Clear Channel Communications (CCU.N) said it won a temporary ruling that prevents banks from backing out of their commitments to fund its $20 billion buyout.

BCE had fallen on Wednesday amid worries that its buyout could be on the rocks as some of the banks funding the deal are involved with the Clear Channel buyout.

Michael said the market was also mulling U.S. data that showed economic growth slowed to an annual rate of 0.6 percent in the fourth quarter, meeting expectations.

“The market is just drifting downward at this point,” said Michael. “It’s a little uneasy, not knowing what to expect because when you do get news, most people expect it to be negative.”

$1=$1.02 Canadian Reporting by Leah Schnurr; Editing by Peter Galloway

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