Equities slump as resource prices pull back
In Toronto, the S&P/TSX Composite Index (CA:ISPTX: news , chart , profile ) pared losses to finish down 7 points, or 0.1%, to 9,065.76. The index had risen 1.4% on Thursday. Advancing stocks outpaced decliners by a margin of 780 to 743. For the week, the index rose 2.8%.
Shares of Research In Motion Ltd. (RIMM:
(CA:RIM: news , chart , profile ) bucked the negative trend and soared 19%. The wireless-device maker reported strong fourth-quarter earnings growth and issued a better-than-expected forecast for the current period. Read more. Mining stocks fell as gold and other precious metals also posted losses. See Metals Stocks. Lundin Mining Corp. (CA:LUN: news , chart , profile ) fell 2.7%, Yamana Gold Inc. (CA:YRI: news , chart , profile ) dropped 6.3% and Barrick Gold Corp. (CA:ABX: news , chart , profile ) fell 6.8%. Gold for April delivery fell 1.3% to $895.60 an ounce. The more active June contract fell 1.3% to $897.30. Read more about gold futures. Energy stocks slipped, tracking a 0.2% drop in oil futures. Petro-Canada (CA:PCA: news , chart , profile ) shed 0.8%. But shares of OPTI Canada Inc. (CA:OPC: news , chart , profile ) soared 23% and Nexen Inc. (CA:NXY: news , chart , profile ) rose 0.5%. "Oil companies Nexen and OPTI Canada are also in focus on speculation they will be the target of takeovers," said analysts at Action Economics. In the financial sector, shares of Manulife Financial Corp. (CA:MFC: news , chart , profile ) fell 1.7% while Royal Bank of Canada (CA:RY: news , chart , profile ) left losses behind to close 1.3% higher. On Wall Street, the Dow Jones Industrial Average ($INDU: rose 0.5%, or 40 points, to 8,017.59, shaking off earlier losses prompted by data that showed persistent weakness in the American labor market. The Labor Department reported Friday that U.S. nonfarm payrolls fell by 663,000 in March, close to expectations, while the unemployment rate jumped to a 26-year high 8.5% from 8.1%, as expected.