CANADA STOCKS-TSX steady as gold miners jump, banks slip

Tue Jun 10, 2014 10:34am EDT

Related Topics

* TSX down 1.20 points, or 0.01 percent, at 14,870.01
    * Seven of 10 main index sectors decline
    * Valeant falls after Allergan rejects takeover offer

    By John Tilak
    TORONTO, June 10 (Reuters) - Canada's main stock index was
little changed on Tuesday as strength in gold mining shares,
following a gain in the price of bullion, was offset by a
decline in the financial sector.
    The Toronto market, which is up more than 9 percent this
year, hit its highest level in nearly six years in the previous
session.
    But investors appeared reluctant to acquire new positions in
the absence of major economic or earnings news.
    "I'm just being a little cautious," said David Cockfield,
managing director and portfolio manager at Northland Wealth
Management. "I'm adjusting my portfolios and building my cash
positions."  
    "We'll keep edging up," he said of the benchmark index's
recent climb. Cockfield expects the TSX to hit the 15,000 mark
at some point but noted that investors should also brace
themselves for a possible correction.
    The Toronto Stock Exchange's S&P/TSX composite index
 was down 1.20 points, or 0.01 percent, at 14,870.01.
Seven of the 10 main sectors on the index were in the red.
    The gold-mining sector jumped 1 percent, with Barrick Gold
Corp adding 1 percent to C$17.61 and Goldcorp Inc
 climbing 0.9 percent to C$25.35.
    Shares of energy producers edged higher. Suncor Energy Inc
 advanced 0.9 percent to C$43.78.
    Financials, the index's most heavily weighted sector,
slipped. Toronto Dominion Bank lost 0.3 percent to
C$55.09.
    In corporate news, U.S. drugmaker Allergan Inc 
rejected a sweetened $53 billion takeover offer from Valeant
Pharmaceuticals International and activist investor
William Ackman. Valeant shares gave back 0.4 percent to
C$137.52. 

 (Editing by Jonathan Oatis)
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