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(Reuters)
By Frank Pingue
TORONTO (Reuters) - Toronto's main stock index was stuck lower on Monday afternoon as BlackBerry maker Research In Motion headlined a selloff after its shares were downgraded to a "sell" rating.
Shares of RIM, the biggest drag on the index, were down 6.7 percent at C$59.56 after an analyst told investors to sell the stock because of mounting competition from other smartphone makers.
Also contributing to the retreat on the TSX was a slide in weighty financial issues ahead of their quarterly earnings reports, due later this month.
Shares of Royal Bank of Canada were off 1.5 percent at C$53.97, while insurer Manulife Financial fell 2.6 percent to C$19.76.
"(Financials) were a better performer last week so they are giving back a bit of what they made," said Bruce Latimer, a trader at Dundee Securities. "Plus, bank earnings are due soon and people aren't really eager to place a bet right now."
At 1:10 p.m. EST, the S&P/TSX composite index was down 78.87 points, or 0.72 percent, at 10,831.88. Earlier in the session it had rallied as much as 52 points.
($1=$1.08 Canadian)
(Reporting by Frank Pingue; editing by Rob Wilson)
