CANADA STOCKS-TSX steady as Fed chatter weighs on sentiment

Tue Nov 12, 2013 10:56am EST

* TSX rises 12.41 points, or 0.09 percent, to 13,370.80
    * Six of 10 main index sectors advance
    * Shoppers Drug Mart climbs after quarterly results

    By John Tilak
    TORONTO, Nov 12 (Reuters) - Canada's main stock index was
little changed on Tuesday as speculation about whether the U.S.
Federal Reserve will remain committed to its stimulus program
dampened investor sentiment.
    Gains in the financial sector helped offset weakness in
commodity prices and natural resource shares.
    Investors also digested news of China's ruling party
pledging to let markets play a "decisive" role in allocating
resources as it unveiled a reform agenda for the next decade.
 
    The market mulled over a slew of data unveiled last week,
including robust U.S. jobs numbers that renewed fears that the
Fed might scale back its stimulus sooner than had been expected.
    "We've had the huge flood of news last week, and the markets
are still digesting everything," said Colin Cieszynski, senior
market analyst at CMC Markets Canada. 
    "There are a number of people starting to think that maybe
if the employment numbers continue to come in better, they could
start tapering in December," he added. 
    The Toronto Stock Exchange's S&P/TSX composite index
 was up 12.41 points, or 0.09 percent, at 13,370.80. 
    Six of the 10 main sectors on the index were higher.
    Financials, the index's weightiest sector, added 0.3
percent, with Toronto Dominion Bank climbing 0.4 percent
to C$96.70 and Royal Bank of Canada gaining 0.3 percent
to C$70.27.
    Shares of energy producers gave back 0.2 percent. Canadian
Natural Resources Ltd slipped 0.4 percent to C$32.39. 
    In company news, Shoppers Drug Mart Corp reported
slightly lower quarterly net income due in part to charges from
its pending acquisition by grocer Loblaw Co Ltd. Shares
of the pharmacy chain were up 0.2 percent, at C$60.85.
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.