CANADA STOCKS-TSX steady as Magna gain offsets drop in gold shares
* TSX rises 5.42 points, or 0.04 percent, to 12,538.48 * Six of 10 main sectors advance; Magna jumps after results * Gold shares slip as bullion price drops to 2-week low * Chorus Aviation tumbles after dividend cut, results By John Tilak TORONTO, May 10 (Reuters) - Canada's main stock index was little changed on Friday as a jump in shares of auto parts maker Magna International Inc after its quarterly results offset weakness in gold stocks. Shares of gold producers slumped after bullion prices fell more than 2 percent to a two-week low, pressured by a stronger dollar and rising stocks markets. Investors also digested data showing the Canadian economy, in April, recovered some of the jobs estimated to have been lost in March, but the unemployment rate stayed at 7.2 percent. Magna jumped 5 percent after reporting a higher-than-expected rise in first-quarter profit on 9 percent higher revenue, boosted by strong sales in North America. The company had the biggest positive influence on the index and fueled a 1.2 percent rise in the consumer discretionary sector. "Obviously, things for Magna are heading in the right direction," said Fred Ketchen, director of equity trading at ScotiaMcLeod. "It's a well-managed company," he said. "They know what they're doing, and they are doing it well." The Toronto Stock Exchange's S&P/TSX composite index was up 5.42 points, or 0.04 percent, at 12,538.48. Six of the 10 main sectors on the index were higher. The materials sector, which includes mining stocks, lost 1.2 percent, largely impacted by a 2.3 percent decline in gold shares. Energy shares gave back 0.3 percent as oil prices fell. In other company news, Chorus Aviation Inc shares sank more than 21 percent after the contract carrier cut its dividend in half amid an ongoing cost dispute with Air Canada , the country's biggest airline.
- Israel pummels Gaza; Kerry steps up diplomatic push |
- Ukraine war crimes trials a step closer after Red Cross assessment
- South Korea ferry fugitive hid behind cabin wall, bags of cash at hand
- With sales sputtering, Apple's iPad looks to IBM alliance
- Five held in China food scandal probe, including head of Shanghai Husi Food