CANADA STOCKS-TSX steady after ECB moves to cut rates
* TSX down 3.39 points, or 0.02 percent, at 14,800.18 * Six of 10 main index sectors advance * Canadian Western Bank falls after reporting results By John Tilak TORONTO, June 5 (Reuters) - Canada's main stock index was little changed on Thursday as energy and bank shares declined after the European Central Bank moved to cut rates to record lows, offsetting a jump in the gold-mining sector. The ECB set in motion a range of measures targeted at tackling low inflation as it cut rates, imposed negative interest rates on its overnight depositors and offered banks new long-term funds. The price of bullion jumped after the announcement, helping to support a 1.5 percent rise in the shares of gold producers. Overall, the Toronto market, which hit a near six-year high in the previous session, is up more than 8 percent this year. "This market climbs walls of worry, as well as complacency," said John Ing, president of Maison Placements Canada. "We've not had a meaningful correction yet, and we're due for that. "(Valuations) show that the market is expensive, and one should always be cautious as the market makes daily highs." The Toronto Stock Exchange's S&P/TSX composite index closed up 3.39 points, or 0.02 percent, at 14,800.18. Six of the 10 main sectors on the index were higher. Financials, the index's most heavily weighted sector, gave back 0.2 percent. Royal Bank of Canada lost 0.4 percent to C$74.57, and Bank of Nova Scotia declined 0.5 percent to C$70.18. The shares of energy producers edged lower. Suncor Energy Inc shed 0.3 percent to C$42.42, and Talisman Energy Inc was down 0.5 percent at C$11.11. Among gold-mining shares, Goldcorp Inc rose 1.4 percent to C$25.46, and Barrick Gold Corp added 0.9 percent to C$17.56. In corporate news, Canadian Western Bank reported a 19 percent rise in fiscal second-quarter net profit and raised its dividend. The stock fell 0.8 percent to C$38.04.
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