TORONTO (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
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 <.gsptse> 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 August 2, 2011.
Seven of the 10 main sectors on the index declined.
Goldcorp Inc
"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.
(Editing by James Dalgleish)
Source: http://news.yahoo.com/tsx-open-lower-soft-u-data-rim-eyed-135036151--finance.html
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