CANADA STOCKS-TSX stumbles on fiscal worries, miners; RIM gains

Thu Dec 13, 2012 11:34am EST

* 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.
FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.