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