CANADA STOCKS-TSX little changed as RIM losses offset gold gains

Wed Jan 30, 2013 11:40am EST

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* TSX falls 4.34 points, or 0.03 percent, to 12,826.22
    * Seven of 10 main sectors decline
    * RIM sheds 4.5 percent

    By John Tilak
    TORONTO, Jan 30 (Reuters) - Canada's main stock index was
little changed on Wednesday as gains made by gold stocks
following weak U.S. growth data were kept in check by a fall in
Research In Motion Ltd after it released its
long-awaited BlackBerry 10 devices.
    Data showed the U.S. economy unexpectedly contracted in the
fourth quarter, suffering its first decline since the recession
ended more than three years ago as businesses scaled back on
restocking and government spending plunged. 
    While this curtailed the appetite for equities, it spurred
demand for gold. Gold prices climbed 1 percent, helping the
materials sector gain 1.1 percent and lead the market higher.
    However, the market eased from a near 18-month high it hit
earlier in the session after RIM reversed early gains. The stock
slid 4.5 percent to C$15.01.
    The BlackBerry maker kicked off a string of global launch
parties for a long-delayed line of smartphones it says will put
it on the comeback trail in a market it once dominated.
 
    "RIM is coming out with the BlackBerry 10 dog-and-pony show.
People are hoping, wishing and praying for a successful launch,"
said Irwin Michael, portfolio manager at ABC Funds.
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 4.34 points, or 0.03 percent, at 12,826.22.
The index earlier in the session hit 12,895.28, its highest
since Aug. 2, 2011.
    Seven of the 10 main sectors on the index declined.
    Goldcorp Inc added 1.9 percent to C$36.78, and
Barrick Gold Corp gained 1.2 percent to C$33.27. 
    "People are reticent to buy stocks. They feel more
comfortable with the hard commodity," Michael said.
    A decline in financials, down 0.2 percent, and industrials,
which slipped 0.7 percent, also weighed on the market.
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A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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