CANADA STOCKS-TSX steady as bank, energy shares gain; Barrick falls

Mon Apr 28, 2014 4:41pm EDT

* TSX down 2.66 points, or 0.02 percent, at 14,530.91
    * Seven of 10 main index sectors advance
    * Barrick drops 3 percent after Newmont ends merger talks

    By John Tilak
    TORONTO, April 28 (Reuters) - Canada's main stock index was
little changed on Monday as weakness in shares of Barrick Gold
Corp and concerns about the volatile situation in
Ukraine were offset by gains in the financial and energy
sectors.
    Barrick shed 3.1 percent after Newmont Mining said
it had ended merger discussions with Barrick, criticizing its
suitor and stating the talks had failed due to a lack of a
constructive, mutually respectful dialogue. 
    Also weighing on the market was a move by the United States
to freeze assets and impose visa bans on seven powerful Russians
close to President Vladimir Putin, as well as to sanction 17
companies in reprisal for Moscow's actions in Ukraine.
 
    "We still have a market that wants to rethink itself all the
time," said Fred Ketchen, director of equity trading at
ScotiaMcLeod. "Everyone is waiting for some kind of a
direction."
    Worries about Ukraine have not become a huge factor so far,
he added. Investors should be aware of the situation but
shouldn't "jump the ship yet," he said.
    Despite the short-term volatility, appetite for Canadian
stocks remains positive, Ketchen said.
    The Toronto Stock Exchange's S&P/TSX composite index
 is up nearly 7 percent this year, buoyed by
strengthening commodity prices and a rebound in shares of
natural resource producers.
    The Canadian benchmark closed down 2.66 points, or 0.02
percent, at 14,530.91. Seven of the 10 main sectors on the index
were higher.
    Shares of energy producers rose 0.1 percent. Suncor Energy
Inc climbed 0.9 percent to C$41.34, and Canadian Natural
Resources Ltd advanced 0.5 percent to C$44.86.
    Financials, the index's most heavily weighted sector, rose
slightly. Bank of Nova Scotia was up 0.3 percent at
C$65.62.
    Barrick shares fell to C$19.12 and had the biggest negative
influence on the index.
    ($1=$1.10 Canadian)

 (Editing by Peter Galloway)
FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.