April 29, 2011 / 3:21 PM / 8 years ago

CANADA STOCKS-TSX lower as RIM dives after cutting outlook

   * TSX off 25.75 points, or 0.19 percent, at 13,868.65
 * Three of the index’s 10 main groups lower
 * RIM falls more than 13 percent, biggest decliner  (Updates with details, comments)
 By Solarina Ho
 TORONTO, April 29 (Reuters) - Toronto’s main stock index was lower on Friday morning as a rise in commodity shares was offset by a plunge in BlackBerry maker Research In Motion RIM.TO.
 RIM shares tumbled 13.45 percent to C$46.49 after the company slashed its outlook for the current quarter late on Thursday. [ID:nL3E7FT284]
 RIM was the index’s biggest decliner, accounting for about 0.2 percent of its fall, more than 10 percent more than the second biggest decliner, Fairfax Financial (FFH.TO), which was down 5.39 percent at C$20.51 after posting a quarterly net loss. [ID:nL3E7FS5XP]
 The index’s tech sector, home to RIM, fell 2.33 percent, while its hefty financial index was off 0.24 percent. Losses in those sectors were tempered by gains in most other sectors.
 The energy and materials groups, which together make up roughly 50 percent of the index’s weight, were up 0.23 percent and 0.09 percent respectively.
 “If you were to put RIM aside, you’re seeing a better bid to the energy complex, you’re still seeing better leadership within the metals and golds complex, you’re still seeing some rotation out of the financials that is moving into energy again,” said Sid Mokhtari, market technician and director of institutional equity research at CIBC World Markets.
 “When we put it all together, we see that the positive cycle of the commodities — although it appears somewhat tired in the near term — structurally remains in good standing.”
 At 10:47 a.m. (1447 GMT), the Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was down 25.75 points, or 0.19 percent, at 13,868.65. Three of the index’s 10 main sectors were lower.
 In the energy group, Encana Corp (ECA.TO) rose 0.48 percent to C$31.57 and Canadian Natural Resources (CNQ.TO) climbed 1.04 percent to C$43.91.
 Oil prices remained near 41-month highs, driven mostly by a weak U.S. currency and continued unrest in North Africa and the Middle East. [O/R]
 Gold miners were up a modest 0.09 percent, which helped keep the materials group in positive territory. Bullion prices held steady, just shy of record highs, bolstered mostly by the retreat in the U.S. dollar. [GOL/]
 Gold miner Agnico Eagle (AEM.TO) rose 1.56 percent to C$65.26.
 ($1=$0.95 Canadian)  (Editing by Peter Galloway)                                        

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