CANADA STOCKS-TSX little changed; golds firm as banks weaken

Mon Nov 5, 2012 11:46am EST

Related Topics

* TSX falls 4.5 points, or 0.04 percent, to 12,375.91
    * Market holds to narrow range ahead of U.S. elections
    * Silver Wheaton weaker after results

    By John Tilak
    TORONTO, Nov 5 (Reuters) - Canada's main stock index was
little changed on Monday, as gains in gold miners were offset by
declines in financial shares, with investors largely unwilling
to take major positions ahead of U.S. elections on Tuesday.
    "It is a reflection that investors are taking a wait-and-see
approach today instead of making big bets one way or another
ahead of tomorrow's election outcome," said Craig Fehr, Canadian
market strategist at Edward Jones.    
    At midday, the Toronto Stock Exchange's S&P/TSX composite
index was down 4.5 points, or 0.04 percent, at
12,375.91.
    The index at one point hit 12,360.06, its lowest level since
Tuesday.
    The materials sector, which includes the gold miners, was up
0.67 percent, led by a 1.5 percent gain in Goldcorp Inc. 
to C$43.55 and Barrick Gold Corp, which was up 1.39
percent to C$35.72.
    Gold prices firmed on Monday, following their biggest
one-day drop since mid-June in the previous session. 
    "The gold prices are telling you that the expectation for
the potential for inflation down the road has picked back up,"
Fehr said.
    The gains in gold miners were offset by weakness in the
financial and energy sectors. Oil and gas producers slipped even
as oil prices held steady above $105 a barrel. 
    Penn West Petroleum Ltd, down 4.79 percent to
C$11.53, was one of the leading decliners. The stock fell after
several analysts cut their price targets of the oil and gas
producer. On Friday, the company reported a third-quarter loss
and cut its production forecast. 
    Other stocks leading the market lower included Silver
Wheaton Corp, which dropped 1 percent to C$39.04 after
its third-quarter profit fell 11 percent.
FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.