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The benchmark Canadian stock index fell on Friday, stung by anxiety about Spain's troubled banks and global economic frailty, but Research In Motion Ltd. (RIM-T) surged after its results impressed investors.
The resource-rich index closed out the third quarter with a gain of more than 6 percent, as energy companies and miners benefited from a strong showing in crude and bullion prices.
But gloom prevailed on Friday, as Spain's borrowing costs rose back above 6 percent despite an austere budget and business activity in the U.S. Midwest shrank for the first time in three years, the latest in a string of U.S. data.
"Spain is flaring up again," said John Kinsey, a portfolio manager at Caldwell Securities. "The economic numbers from wherever you want to draw them aren't very good."
The Toronto Stock Exchange's S&P/TSX composite index (TSX-I) lost 21.39 points, or 0.17 percent, to close at 12,317.46, with energy and financial stocks weighing.
Canadian Natural Resources (CNQ-T) fell 1.6 percent to $30.33 and Toronto Dominion Bank (TD-T) slipped 0.5 percent to $81.99.
The most upbeat storyline belonged to RIM, whose shares jumped 8 percent to $7.52 after the beleaguered BlackBerry maker surprised investors with a smaller-than-anticipated loss and a revenue beat thanks to strong BlackBerry sales in emerging markets such as Indonesia and India.
That optimism could yet prove to be short-lived.
"People had such low expectations and they beat it substantially," said Paul Harris, portfolio manager at Avenue Investment Management. "It's still a show-me stock."
There was otherwise little in corporate news for investors to get their teeth into, and the near-term horizon was just as bare.
"We're in a lull here, we've got two weeks before earnings for the third quarter start," Kinsey said. "There's a lot of noise out there and a lot of people are tired of it."
Enbridge Inc. (ENB-T) shares slipped 0.8 percent to $38.40 even as the pipeline company said it had won regulatory approval to add an Alberta crude pipeline to move output from Imperial Oil Ltd.'s (IMO-T) Kearl oil sands project. Imperial dipped 0.5 percent to $45.