CANADA STOCKS-TSX steady as market eyes Fed; BlackBerry dives

Mon Nov 4, 2013 11:18am EST

* TSX rises 4.66 points, or 0.03 percent, to 13,342.12
    * Five of the 10 main index sectors advance
    * Gold miners jump as the bullion price firms
    * BlackBerry drops 12.5 pct after calling off sale

    By John Tilak
    TORONTO, Nov 4 (Reuters) - Canada's main stock index was
little changed on Monday as investors assessed economic data to
try gauge whether the U.S. Federal Reserve will continue to
delay plans to roll back its stimulus program, while shares of
BlackBerry tumbled.
    BlackBerry shares fell 12.5 percent C$7.08 after it said it
is abandoning a plan to sell itself and instead will replace its
chief executive and raise about $1 billion from institutional
investors, including its largest shareholder, Fairfax Financial
Holdings Ltd. 
    BlackBerry shares weighed the most on the index, dropping to
C$7.08. Shares of Fairfax Financial dropped almost 4 percent to
C$417.99.
    Meanwhile, the market digested data showing orders for a
wide range of U.S.-made capital goods dropped more than
previously estimated in September. In the euro zone region,
business surveys indicated factory production in the 17-nation
bloc accelerated in October, as expected. 
 
    Earlier in the day, St. Louis Federal Reserve President
James Bullard said that because of low inflation the Fed should
not rush a decision to scale back its asset purchase program.
 
    "We're still waiting for resolution of when, or if, the Fed
is going to start its tapering program," said Rick Hutcheon,
president and chief operating officer at RKH Investments. 
    "Expectations for 2014 are starting to crystallize and
investors feel better about prospects going forward," he added.
"You have a good chance of seeing the Canadian market perform
very well next year as the global economy continues to pick up."
    The benchmark Canadian index has gained 4.6 percent in the
last one month, with sentiment for natural-resource stocks
rebounding.
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 4.66 points, or 0.03 percent, to 13,342.12 on
Monday. 
    Five of the 10 main sectors on the index were higher.       
                                                                
                                                                
                                                                
                                                                
                           
    Gold-mining stocks jumped 1.7 percent, benefiting from a
higher bullion price. That also helped lift the index's broader
materials sector.
    Goldcorp Inc climbed 1.8 percent to C$25.79, and
Barrick Gold Corp added 0.9 percent to C$18.90.
    Financial shares lost 0.2 percent, with Toronto-Dominion
Bank giving back 0.3 percent to C$95.58, and Bank of
Nova Scotia falling 0.3 percent to C$63.54.
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.