CANADA STOCKS-TSX dips to 2-1/2-week low as euro zone stirs fears
* TSX down 44.30 points, or 0.3 percent, at 12,725.53 * Nine of 10 sectors weaker, BlackBerry jumps 10 pct By Claire Sibonney TORONTO, Feb 4 (Reuters) - Canadian shares dropped to their weakest level in 2-1/2 weeks on Monday after political uncertainty in Spain and Italy reminded investors that there were still many risks ahead for the euro zone and dampened appetite for riskier assets. Financial stocks were the biggest drag on the index, falling 0.62 percent. Royal Bank of Canada was down 0.9 percent to C$61.97, and Toronto-Dominion Bank slipped 0.6 percent to C$83.07. "From a global perspective and from a North American perspective ... all markets right now are overbought. It's time for a short term pullback," said Keith Richards, portfolio manager and technical analyst at ValueTrend Wealth Management in Barrie, Ontario. He noted many of the country's big banks were encountering significant technical resistance after a recent rally which took the index of Toronto's financial services stocks to its highest level since April, 2011. Catalysts for the fall on Monday included Spain's opposition Socialist Party calling on Prime Minister Mariano Rajoy to resign over a corruption scandal, as an opinion poll showed the lowest support on record for his center-right People's Party. In Italy, former prime minister Silvio Berlusconi, one of the top candidates in this month's general election, is seeing a resurgence in popularity which threatens the reforms implemented by the outgoing technocrat government. At 10:34 a.m. (1534 GMT) The Toronto Stock Exchange's S&P/TSX composite index was down 44.30 points, or 0.34 percent, at 12,725.53. Earlier, the index fell as low as 12,668.81, its softest level since Jan. 17. Nine of the 10 sectors were weaker, including energy and materials, dragged down by a drop in commodity prices. Technology shares rose 2.4 percent, led by a rebound in BlackBerry. BlackBerry was the most influential advancer in early trading, jumping 10 percent to C$14.31 after Bernstein Research said it was upgrading the stock to "outperform" following last week's launch of the company's new line of BlackBerry smartphones.
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