CANADA STOCKS-TSX stumbles on fiscal worries, miners; RIM gains
* TSX falls 67.48 points, or 0.53 percent, to 12,287.61 * Nine of 10 main sectors decline * RIM shares up 4.3 pct; U.S. agency to test new BlackBerry By John Tilak TORONTO, Dec 13 (Reuters) - Canada's main stock index slipped on Thursday as gold and energy stocks declined with falling resource prices and as investors turned their focus back to the looming U.S. fiscal crisis. The market erased most of Thursday's gains, which were spurred by the U.S. Federal Reserve's moves to boost the economy, with nine of the 10 main sectors on the index trading in the red. Sharp differences remain between congressional Republicans and the White House in talks to avert the "fiscal cliff" of steep tax hikes and budget cuts, and negotiators warned the showdown could drag on past Christmas. "We're having a reaction to yesterday's good day. All the bad things that were overlooked yesterday have come back again today, especially the fiscal cliff," said John Kinsey, portfolio manager at Caldwell Securities. At midmorning, the Toronto Stock Exchange's S&P/TSX composite index was down 67.48 points, or 0.53 percent, at 12,287.61. The materials sector, which includes mining companies, lost 1.6 percent. Goldcorp Inc slipped 2.8 percent to C$36.58, Barrick Gold Corp dropped 1.6 percent to C$34.03, and Silver Wheaton Corp lost 1.8 percent to C$36.77. Gold prices were down about 1 percent, and silver prices fell 2.3 percent. Gold prices may need to consolidate further before moving higher, Kinsey said. Oil prices fell, due in part to rising U.S. oil stockpiles, and energy stocks declined as a result. Suncor Energy Inc, Canada's biggest energy company, fell 1.3 percent to C$31.78, while Cenovus Energy Inc was down 1 percent at C$33.02. In company news, a U.S. federal agency was set to test out Research In Motion Ltd's new BlackBerry 10 smartphone after recently ditching the brand in favor of Apple Inc's iPhone. RIM shares rose 4.3 percent to C$13.70.
- Exclusive: Radar data suggests missing Malaysia plane deliberately flown way off course - sources
- Lost Malaysian airliner may have run out of fuel over Indian Ocean: source |
- Investigators focus on foul play behind missing Malaysia plane: sources |
- UPDATE 2-Satellite data shows missing Malaysia plane may have flown thousands of miles-source
- UPDATE 1-Rolls-Royce concurs with Malaysia on missing jet's engine data