TORONTO (Reuters) - Toronto's main stock index was little changed on Wednesday as investors opted to pocket gains recorded early in the session that had sent the resource-heavy index to a 13-month high alongside a rise in commodity prices.
Energy and gold-mining stocks, which helped power the early rally, were among the key drags on the index as many investors ignored higher oil and gold prices.
Barrick Gold shares, the main drag on the index, were down 2.8 percent at C$46.14, while Goldcorp dropped 1.6 percent to C$46.06.
Among energy companies weighing on the index were Suncor Energy, down 0.5 percent at C$38.68, and Canadian Natural Resources, off 0.9 percent at C$71.69.
Shares of Research In Motion dropped 2.5 percent to C$62.91 after BMO Capital Markets downgraded the BlackBerry maker to "market perform" from "outperform," citing concerns about its 2011 earnings.
At 1:35 p.m. the S&P/TSX composite index was down 8.91 points, or 0.08 percent, at 11,621.09. Earlier, it rose 72 points to 11,702.24, which marked its highest level since October 2008.
Fergal Smith, a managing market strategist at Action Economics said the TSX will struggle to sustain its penetration of the session high as long as the Standard & Poor's 500 Index remained under pressure.
U.S. stocks were under pressure given on unexpected fall in new U.S. home construction, which sparked worries about the strength of an economic recovery.
(Reporting by Frank Pingue)
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