CANADA STOCKS-TSX steady as Fed fears weigh in light trade
* TSX falls 3.32 points, or 0.02 percent, to 13,375.01 * Five of 10 main sectors decline * Gold mining shares tumble 2 percent * Sears Canada soars on news of sale of properties By John Tilak TORONTO, Nov 11 (Reuters) - Canada's main stock index was little changed on Monday as any positive sentiment from Friday's robust U.S. jobs report was offset by concerns that the U.S. Federal Reserve might begin to pull back from its easy monetary policy sooner than expected Those worries weighed on the price of bullion, sending shares of gold producers down more than 2 percent and helping overshadow gains in the financial and energy sectors. With the Remembrance Day holiday in effect in Canada and the Veterans Day holiday in the United States, trading volumes were light. Investors were still chewing on the non-farm payrolls report that showed on Friday that the world's largest economy added more jobs than expected in October. "The U.S. Federal Reserve is going to stay longer with lower rates until such time as they are absolutely certain that the economy is on a firm track," said Irwin Michael, portfolio manager at ABC Funds, who added that it was "a very, very quiet day". Canadian investors should be prepared for a high level of volatility, including in the gold-mining sector, until the Fed takes its next steps, he added. The Toronto Stock Exchange's S&P/TSX composite index was down 3.32 points, or 0.02 percent, at 13,375.01. About 50 million shares changed hands at mid-morning, compared with an average daily volume of about 294 million shares in October, according to market operator TMX Group. Five of the 10 main sectors on the index were lower. Shares of financial companies gained 0.2 percent, with Toronto Dominion Bank rising 0.2 percent to C$96.82. Higher oil prices pushed up energy stocks, which were up 0.2 percent. Suncor Energy Inc climbed 0.4 percent to C$37.03. Talisman Energy Inc, which said on Friday it would sell some natural gas assets, jumped 2 percent, to C$12.67. But gold-mining shares overall fell 2.1 percent. Goldcorp Inc lost 1.7 percent to C$25.27, and Barrick Gold Corp gave back 1.6 percent to C$18.77. In other coporate news, a Canadian National Railway Co train derailed in northern Ontario this weekend, and an estimated 40 carloads of grain left the tracks, the Transportation Safety Board of Canada said. Nevertheless, the company's shares gained 0.5 percent to C$117.44. Sears Canada Inc soared 6.6 percent to C$17.05 after it said it would sell its 50 percent stake in eight Canadian properties for about C$315 million ($300.30 million).
- Malaysia air probe finds scant evidence of attack: sources |
- Search widened as Malaysia air probe finds scant evidence of attack |
- Exclusive: Chinese raw materials also found on U.S. B-1 bomber, F-16 jets
- Confrontation in Ukraine as diplomacy stalls |
- Freescale loss in Malaysia tragedy leads to travel policy questions