Log In

Reset Password

TSX ends lower in in volatile trade

TORONTO (Reuters) - Toronto's main stock index ended lower in volatile trading yesterday as energy and financial shares tumbled on economic uncertainty and offset gains by surging gold issues.

Among the biggest decliners were Royal Bank of Canada , down almost two percent at C$52.48, and Suncor Energy Inc, off more than two percent at C$31.79.

"The overhang is the uncertainty in Europe," said Steve Ibel, institutional equities trader at Beacon Securities.

With ongoing fears about euro zone debt contagion causing investors to flee to safe-haven assets, gold rallied to less than $10 below its all-time high.

Gold-mining stocks soared 3.4 percent with Barrick Gold Corp, the world's largest producer, up 4.3 percent at C$45.81, and Goldcorp Inc 4.7 percent higher at C$46.87.

"Gold is having a kick-ass day, which kind of points to a bit more uncertainty," added Ibel.

Meanwhile, economically sensitive copper tumbled to eight-month lows, sending the base metals subsector down more than four percent.

Teck Resources, Canada's biggest base metals producer, slumped almost five percent to C$31.14 while First Quantum Minerals dropped almost six percent to C$51.41.

The Toronto Stock Exchange's S&P/TSX composite index closed 64.87 points, or 0.56 percent, lower at 11,504.74.

Also dragging on the index were shares of Research In Motion Ltd, which fell five percent to C$60.04 after an analyst said North American sales of the BlackBerry smartphone slid in May.

In a double-whammy to the stock, the report came out the same day that Apple Inc unveiled its latest iPhone, which is starting to make deep inroads into BlackBerry's once secure corporate market.