By Frank Pingue
TORONTO, Sept 25 (Reuters) - Toronto's main stock index dropped on Friday, finishing the week 2 percent lower, after investors punished Research In Motion for an outlook that raised concerns about the BlackBerry maker's growth prospects.
RIM shares were the biggest drag on the index by far, sliding 16.8 percent to C$75.04 and pulling the information technology group down 5.4 percent. After the market closed on Thursday, the company unveiled profit and revenue estimates that fell short of what analysts had been expecting .
Energy shares, which rose as crude prices edged higher on tension over Iran's nuclear program, cushioned RIM's impact on the index. The sector was down sharply the previous day.
TransCanada rose 1 percent to C$33.73, while Canadian Natural Resources ended up 0.9 percent at C$72.51.
'We've managed to claw back some of the losses, and if it were not for RIM I think we would actually have been marginally on the plus side,' said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.
The S&P/TSX composite index closed down 73.37 points, or 0.65 percent, at 11,212.39. Earlier in the session it had fallen as much as 111 points to 11,174.61.
The slide in equities follows scores of weak data in recent sessions, including Friday's weak reports on U.S. durable goods orders and new home sales that fanned fears that the recovery from recession would be tepid.
The materials group, home to gold-mining shares, ended down 0.86 percent given slow physical demand for bullion and investor frustration with the precious metal's inability to sustain a price of $1,020 an ounce hit this week.
Shares of Goldcorp dropped 2 percent to C$42.05, while Kinross Gold slipped 2 percent to C$22.40.
'We've entered a phase this week where investors are turning a little more cautious on the state of the market in general,' said Picardo. 'And the data we've seen over the past couple days sort of justify that caution.'
The TSX closed down in 4 of the week's five sessions but still exits the week 49.8 percent above the five-year low it tumbled to in March.
($1=$1.09 Canadian) ============================================================== FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS: TSX market report........................................ Canadian dollar and bonds report................... Top News: Canada .................................... Today in Canada..................................... Canadian company news ................................ Reuters global stocks poll (Canada)... FOR CANADIAN MARKETS DATA, CLICK ON CODES IN BRACKETS: Canadian Equities speed guide...................... S&P/TSX Composite index ............................. S&P/TSE Venture composite index ..................... TSX most active....................................... Venture Exchange most active........................... Top TSX pct gainers................................... Top TSX pct losers.................................... S&P/TSX 60 index ..................................... 52 week highs: TSX............... Venture.............. 52 week lows: TSX............... Venture.............. Canadian dollar quote..................... FOR MAIN GLOBAL MARKET DATA AND MARKET REPORTS: FTSE EUROTOP 300 ..... EUROPEAN REPORT ....... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt market stories CAC-40................. Paris market stories... World Indices..................................... Foreign exchange...................................... Oil.................................................... US Treasuries.......................................... International bonds................................... Gold....................................... or CRB index of commodity futures........................ Keywords: MARKETS CANADA STOCKS (frank.pingue@thomsonreuters.com ; +1 416 941-8094; Reuters Messaging: frank.pingue.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
TORONTO, Sept 25 (Reuters) - Toronto's main stock index dropped on Friday, finishing the week 2 percent lower, after investors punished Research In Motion for an outlook that raised concerns about the BlackBerry maker's growth prospects.
RIM shares were the biggest drag on the index by far, sliding 16.8 percent to C$75.04 and pulling the information technology group down 5.4 percent. After the market closed on Thursday, the company unveiled profit and revenue estimates that fell short of what analysts had been expecting .
Energy shares, which rose as crude prices edged higher on tension over Iran's nuclear program, cushioned RIM's impact on the index. The sector was down sharply the previous day.
TransCanada rose 1 percent to C$33.73, while Canadian Natural Resources ended up 0.9 percent at C$72.51.
'We've managed to claw back some of the losses, and if it were not for RIM I think we would actually have been marginally on the plus side,' said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.
The S&P/TSX composite index closed down 73.37 points, or 0.65 percent, at 11,212.39. Earlier in the session it had fallen as much as 111 points to 11,174.61.
The slide in equities follows scores of weak data in recent sessions, including Friday's weak reports on U.S. durable goods orders and new home sales that fanned fears that the recovery from recession would be tepid.
The materials group, home to gold-mining shares, ended down 0.86 percent given slow physical demand for bullion and investor frustration with the precious metal's inability to sustain a price of $1,020 an ounce hit this week.
Shares of Goldcorp dropped 2 percent to C$42.05, while Kinross Gold slipped 2 percent to C$22.40.
'We've entered a phase this week where investors are turning a little more cautious on the state of the market in general,' said Picardo. 'And the data we've seen over the past couple days sort of justify that caution.'
The TSX closed down in 4 of the week's five sessions but still exits the week 49.8 percent above the five-year low it tumbled to in March.
($1=$1.09 Canadian) ============================================================== FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS: TSX market report........................................ Canadian dollar and bonds report................... Top News: Canada .................................... Today in Canada..................................... Canadian company news ................................ Reuters global stocks poll (Canada)... FOR CANADIAN MARKETS DATA, CLICK ON CODES IN BRACKETS: Canadian Equities speed guide...................... S&P/TSX Composite index ............................. S&P/TSE Venture composite index ..................... TSX most active....................................... Venture Exchange most active........................... Top TSX pct gainers................................... Top TSX pct losers.................................... S&P/TSX 60 index ..................................... 52 week highs: TSX............... Venture.............. 52 week lows: TSX............... Venture.............. Canadian dollar quote..................... FOR MAIN GLOBAL MARKET DATA AND MARKET REPORTS: FTSE EUROTOP 300 ..... EUROPEAN REPORT ....... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt market stories CAC-40................. Paris market stories... World Indices..................................... Foreign exchange...................................... Oil.................................................... US Treasuries.......................................... International bonds................................... Gold....................................... or CRB index of commodity futures........................ Keywords: MARKETS CANADA STOCKS (frank.pingue@thomsonreuters.com ; +1 416 941-8094; Reuters Messaging: frank.pingue.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.